Dynamic Economics

Quantitative Methods and Applications

Jerome Adda, Russell W. Cooper (The Penn State University)

$130

Paperback

Not in-store but you can order this
How long will it take?

Availability Information

We source books from suppliers in Australia and overseas. For books we don't currently have in stock, the time it takes to get them from our suppliers can vary widely - from a few days to a few months - so we check each book with each supplier to determine the expected time it will take to be supplied to us.

We then advise you accordingly. If the time taken to get any book is too long for you, you can let us know and we will cancel or adjust your order, and refund as required.

To find out the anticipated arrival time for specific items prior to ordering, please contact us by phone or email:

Phone +61 2 9264 3111, or 1800 4 BOOKS (1800 4 26657) if outside Sydney:
option 1 Abbey's Bookshop (Crime, History, Science, Kids & more) • info@abbeys.com.au
option 2 Language Book Centre (ESL & Foreign Languages) • language@abbeys.com.au
option 3 Galaxy Bookshop (Sci-fi, Fantasy, Romance, Graphic Novels) • sf@galaxybooks.com.au

QTY:

English

MIT Press
09 May 2023

Economics

An integrated approach to the empirical application of dynamic optimization programming models, for students and researchers.

An integrated approach to the empirical application of dynamic optimization programming models, for students and researchers.

This book is an effective, concise text for students and researchers that combines the tools of dynamic programming with numerical techniques and simulation-based econometric methods. Doing so, it bridges the traditional gap between theoretical and empirical research and offers an integrated framework for studying applied problems in macroeconomics and microeconomics.

In part I the authors first review the formal theory of dynamic optimization; they then present the numerical tools and econometric techniques necessary to evaluate the theoretical models. In language accessible to a reader with a limited background in econometrics, they explain most of the methods used in applied dynamic research today, from the estimation of probability in a coin flip to a complicated nonlinear stochastic structural model. These econometric techniques provide the final link between the dynamic programming problem and data. Part II is devoted to the application of dynamic programming to specific areas of applied economics, including the study of business cycles, consumption, and investment behavior. In each instance the authors present the specific optimization problem as a dynamic programming problem, characterize the optimal policy functions, estimate the parameters, and use models for policy evaluation.

The original contribution of Dynamic Economics- Quantitative Methods and Applications lies in the integrated approach to the empirical application of dynamic optimization programming models. This integration shows that empirical applications actually complement the underlying theory of optimization, while dynamic programming problems provide needed structure for estimation and policy evaluation.

By: Jerome Adda, Russell W. Cooper (The Penn State University)
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm,
Weight: 369g
ISBN: 9780262547888
ISBN 10: 0262547880
Pages: 296
Publication Date: 09 May 2023
Recommended Age: From 18 years
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

1 Overview 1 I Theory 2 Theory of Dynamic Programming 7 3 Numerical Analysis 33 4 Econometrics 61 II Applications 5 Stochastic Growth 103 6 Consumption 139 7 Durable Consumption 165 8 Investment 187 9 Dynamics of Employment Adjustment 215 10 Future Developments 241 Bibliography 265 Index 275

Jer me Adda is a Lecturer in the Department of Economics at University College, London, and a Research Associate at the Institute of Fiscal Studies. Russell Cooper is Professor in the Department of Economics at the University of Texas, Austin. He was formerly affiliated with Boston University and was a Visiting Scholar in the Research Department of the Federal Reserve Bank of Minneapolis.