Title
The ABCs of RBCs : An Introduction to Dynamic Macroeconomic Models / George McCandless.
ISBN
9780674033788
Published
Cambridge, MA : Harvard University Press, [2008]
Copyright
©2008
Language
English
Language Note
In English.
Description
1 online resource (448 p.)
Item Number
10.4159/9780674033788 doi
Dewey Decimal Classification
339.01/5195
Summary
The ABCs of RBCs is the first book to provide a basic introduction to Real Business Cycle (RBC) and New-Keynesian models. These models argue that random shocks-new inventions, droughts, and wars, in the case of pure RBC models, and monetary and fiscal policy and international investor risk aversion, in more open interpretations-can trigger booms and recessions and can account for much of observed output volatility. George McCandless works through a sequence of these Real Business Cycle and New-Keynesian dynamic stochastic general equilibrium models in fine detail, showing how to solve them, and how to add important extensions to the basic model, such as money, price and wage rigidities, financial markets, and an open economy. The impulse response functions of each new model show how the added feature changes the dynamics. The ABCs of RBCs is designed to teach the economic practitioner or student how to build simple RBC models. Matlab code for solving many of the models is provided, and careful readers should be able to construct, solve, and use their own models. In the tradition of the "freshwater" economic schools of Chicago and Minnesota, McCandless enhances the methods and sophistication of current macroeconomic modeling.
Access Note
Access limited to authorized users.
System Details Note
Mode of access: Internet via World Wide Web.
Digital File Characteristics
text file PDF
Source of Description
Description based on online resource; title from PDF title page (publisher's Web site, viewed 01. Dez 2022)
Frontmatter
Contents
Preface
Introduction
PART ONE: BASIC MODELS AND SOLUTION METHODS
1 The Basic Solow Model
2 Savings in an OLG Model
3 Infinitely Lived Agents
4 Recursive Deterministic Models
5 Recursive Stochastic Models
6 Hansen's RBC Model
7 Linear Quadratic Dynamic Programming
PART TWO: EXTENSIONS OF THE BASIC RBC MODEL
8 Money: Cash in Advance
9 Money in the Utility Function
10 Staggered Pricing Model
11 Staggered Wage Setting
12 Financial Markets and Monetary Policy
13 Small Open Economy Models
References
Index
