Modeling Economic Instability PDF Download
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| Author | : Michaël Assous |
| Publisher | : Springer Nature |
| Total Pages | : 253 |
| Release | : 2022-01-31 |
| Genre | : Business & Economics |
| ISBN | : 3030903109 |
Download Modeling Economic Instability Book in PDF, ePub and Kindle
This book offers a fresh perspective on the early history of macroeconomics, by examining the macro-dynamic models developed from the late 1920s to the late 1940s, and their treatment of economic instability. It first explores the differences and similarities between the early mathematical business cycle models developed by Ragnar Frisch, Michal Kalecki, Jan Tinbergen and others, which were presented at meetings of the Econometric Society and discussed in private correspondence. By doing so, it demonstrates the diversity of models representing economic phenomena and especially economic crises and instability. Jan Tinbergen emerged as one of the most original and pivotal economists of this period, before becoming a leader of the macro-econometric movement, a role for which he is better known. His emphasis on economic policy was later mirrored in the United States in Paul Samuelson’s early work on business cycles analysis, which, drawing on Alvin Hansen, aimed at interpreting the 1937-1938 recession. The authors then show that the subsequent shift in Samuelson's approach, from the study of business cycle trajectories to the comparison of equilibrium points, provided a response to the econometricians' critique of early Keynesian models. In the early 1940s, Samuelson was able to link together the tools that had been developed by the econometricians and the economic content that was at the heart of the so-called Keynesian revolution. The problem then shifted from business cycle trajectories to the disequilibrium between economic aggregates, and the issues raised by the global stability of full employment equilibrium. This was addressed by Oskar Lange, who presented an analysis of market coordination failures, and Lawrence Klein, Samuelson's first PhD student, who pursued empirical work in this direction. The book highlights the various visions and approaches that were embedded in these macro-dynamic models, and that their originality is of interest to today's model builders as well as to students and anyone interested in how new economic ideas come to be developed.
| Author | : Hyman P. Minsky |
| Publisher | : McGraw Hill Professional |
| Total Pages | : 433 |
| Release | : 2008-05-01 |
| Genre | : Business & Economics |
| ISBN | : 0071593004 |
Download Stabilizing an Unstable Economy Book in PDF, ePub and Kindle
“Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers: The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices “Speculative finance” and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction. A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase “Minsky moment” to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.
| Author | : Eric Barthalon |
| Publisher | : Columbia University Press |
| Total Pages | : 445 |
| Release | : 2014-11-18 |
| Genre | : Business & Economics |
| ISBN | : 0231538308 |
Download Uncertainty, Expectations, and Financial Instability Book in PDF, ePub and Kindle
Eric Barthalon applies the neglected theory of psychological time and memory decay of Nobel Prize–winning economist Maurice Allais (1911–2010) to model investors' psychology in the present context of recurrent financial crises. Shaped by the behavior of the demand for money during episodes of hyperinflation, Allais's theory suggests economic agents perceive the flow of clocks' time and forget the past at a context-dependent pace: rapidly in the presence of persistent and accelerating inflation and slowly in the event of the opposite situation. Barthalon recasts Allais's work as a general theory of "expectations" under uncertainty, narrowing the gap between economic theory and investors' behavior. Barthalon extends Allais's theory to the field of financial instability, demonstrating its relevance to nominal interest rates in a variety of empirical scenarios and the positive nonlinear feedback that exists between asset price inflation and the demand for risky assets. Reviewing the works of the leading protagonists in the expectations controversy, Barthalon exposes the limitations of adaptive and rational expectations models and, by means of the perceived risk of loss, calls attention to the speculative bubbles that lacked the positive displacement discussed in Kindleberger's model of financial crises. He ultimately extrapolates Allaisian theory into a pragmatic approach to investor behavior and the natural instability of financial markets. He concludes with the policy implications for governments and regulators. Balanced and coherent, this book will be invaluable to researchers working in macreconomics, financial economics, behavioral finance, decision theory, and the history of economic thought.
| Author | : John E. Silvia |
| Publisher | : John Wiley & Sons |
| Total Pages | : 354 |
| Release | : 2016-12-14 |
| Genre | : Business & Economics |
| ISBN | : 1119350824 |
Download Economic Modeling in the Post Great Recession Era Book in PDF, ePub and Kindle
Reality-based modeling for today's unique economic recovery Economic Modeling in the Post Great Recession Era presents a more realistic approach to modeling, using direct statistical applications to address the characteristics and trends central to current market behaviors. This book's unique focus on the reality of today's markets makes it an invaluable resource for students and practitioners seeking a comprehensive guide to more accurate forecasting. While most books treat the economy as if it were in a vacuum, building models around idealized or perception-biased behaviors, this book deals with the economy as it currently stands—in a state of recovery, limited by financial constraints, imperfect information, and lags and disparities in price movements. The authors identify how these characteristics impact various markets' behaviors, and quantify those behaviors using SAS as the primary statistical tool. Today's economy bears a number of unique attributes that usual modeling methods fail to consider. This book describes how to approach modeling based on real-world, observable data in order to make better-informed decisions in today's markets. Discover the three economic characteristics with the greatest impact on various markets Create economic models that mirror the current post-recession reality Adopt statistical methods that identify and adapt to structural breaks and lags Factor real-world imperfections into modeling for more accurate forecasting The past few years have shown a clear demarcation between policymakers' forecasts and actual outcomes. As the dust settles on the Great Recession, after-effects linger—and impact our current recovery in ways that diverge from past experience and theoretical expectations. Economic Modeling in the Post Great Recession Era provides comprehensive guidance grounded in reality for today's economic decision-makers.
| Author | : Fernando Lolo |
| Publisher | : |
| Total Pages | : 72 |
| Release | : 2017-10-02 |
| Genre | : |
| ISBN | : 9781977877345 |
Download Modeling Financial Instability Book in PDF, ePub and Kindle
"Modeling Financial Instability - What Aspects do Current Models Fail to Capture"Description:Attention all Investors, Chairmen, CEOs, CIOs, CROs, Board Members who want to get practical high-level assessments of financial instability by detecting financial modeling flaws to better support investment and re-allocation decisions.The world economy is going through a phase that cannot be described as normal. This book addresses the core issues that are not fully captured by conventional models and can be summarized as follows:- Unstable financial systems involve enhanced risk. If models do not understand in full what is going on, can Central Banks be relied upon to deliver the best policy options? Can we be sure our balance sheets are safe?- Bond yields have never been lower. Interest rates in many markets are close to zero. Net interest income has fallen to very low levels.- Without decent returns on bonds, many companies are unable to rebuild capital levels and have no upside.- There is no way to reduce risk by taking a higher market yield. - Most bonds are priced at record levels and do not have a margin for liquidity. The regular calculation of yield curves does not appear to work at very low yields. - Ultra-low interest rates are a symptom of several problems at the system level. Economic history is not linear. Polarization adds up to more systemic risk and instability.... And much, MUCH More!This book provides high-level insights on how to model financial instability and what aspects do current models fail to capture. It also helps you to detect what is wrong at the system level. It provides coherent assessments on early warnings of systemic risks for better decision making on balance sheet priority risk detection and response. In essence, it provides coherent insights in a timely manner. Forewarned is forearmed.Get Started Right Now !So go ahead, click the order button right now, and you're on your way to "Modeling Financial Instability - What Aspects do Current Models Fail to Capture!"(OPTION #1 - Kindle / eBook Version) In just a couple of minutes, you'll have your hands on the electronic version of this breakthrough book that will show you exactly how to model financial instability and what aspects do current models fail to capture.(OPTION #2 - Physical Book Version) In a very short time, you'll have in your hands this breakthrough book that will show you exactly how to model financial instability and what aspects do current models fail to capture.Act now! Buy now!
| Author | : Robert Y. Cavana |
| Publisher | : Springer Nature |
| Total Pages | : 593 |
| Release | : 2021-06-30 |
| Genre | : Business & Economics |
| ISBN | : 3030671909 |
Download Feedback Economics Book in PDF, ePub and Kindle
This book approaches economic problems from a systems thinking and feedback perspective. By introducing system dynamics methods (including qualitative and quantitative techniques) and computer simulation models, the respective contributions apply feedback analysis and dynamic simulation modeling to important local, national, and global economics issues and concerns. Topics covered include: an introduction to macro modeling using a system dynamics framework; a system dynamics translation of the Phillips machine; a re-examination of classical economic theories from a feedback perspective; analyses of important social, ecological, and resource issues; the development of a biophysical economics module for global modelling; contributions to monetary and financial economics; analyses of macroeconomic growth, income distribution and alternative theories of well-being; and a re-examination of scenario macro modeling. The contributions also examine the philosophical differences between the economics and system dynamics communities in an effort to bridge existing gaps and compare methods. Many models and other supporting information are provided as online supplementary files. Consequently, the book appeals to students and scholars in economics, as well as to practitioners and policy analysts interested in using systems thinking and system dynamics modeling to understand and improve economic systems around the world. "Clearly, there is much space for more collaboration between the advocates of post-Keynesian economics and system dynamics! More generally, I would like to recommend this book to all scholars and practitioners interested in exploring the interface and synergies between economics, system dynamics, and feedback thinking." Comments in the Foreword by Marc Lavoie, Emeritus Professor, University of Ottawa and University of Sorbonne Paris Nord
| Author | : Mr.Ari Aisen |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 2011-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1455211907 |
Download How Does Political Instability Affect Economic Growth? Book in PDF, ePub and Kindle
The purpose of this paper is to empirically determine the effects of political instability on economic growth. Using the system-GMM estimator for linear dynamic panel data models on a sample covering up to 169 countries, and 5-year periods from 1960 to 2004, we find that higher degrees of political instability are associated with lower growth rates of GDP per capita. Regarding the channels of transmission, we find that political instability adversely affects growth by lowering the rates of productivity growth and, to a smaller degree, physical and human capital accumulation. Finally, economic freedom and ethnic homogeneity are beneficial to growth, while democracy may have a small negative effect.
| Author | : Lars Peter Hansen |
| Publisher | : World Scientific |
| Total Pages | : 483 |
| Release | : 2014-09-09 |
| Genre | : Business & Economics |
| ISBN | : 9814578134 |
Download Uncertainty Within Economic Models Book in PDF, ePub and Kindle
Written by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences for what are ordinarily interpreted as market prices of risk, but big parts of which should actually be interpreted as market prices of model uncertainty. The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts.
| Author | : Stephen Kinsella |
| Publisher | : |
| Total Pages | : 14 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
Download Words to the Wise Book in PDF, ePub and Kindle
The crisis has exposed the failure of economic models to deal sensibly with endogenously generated crises propagating from the financial sectors to the real economy, and back again. The goal of this paper is to review the method of stock flow consistent modeling to highlight areas in which it is deficient. I argue there is a fruitful research agenda in shoring up these deficiencies. The objective of stock flow modeling should be the ability to practically model unstable macro-economies, and in particular their interactions with the financial sector. These models should provide 'Words to the Wise', and until they do, they are just thought experiments.
| Author | : Ping Chen |
| Publisher | : Routledge |
| Total Pages | : 585 |
| Release | : 2010-04-05 |
| Genre | : Business & Economics |
| ISBN | : 1136994874 |
Download Economic Complexity and Equilibrium Illusion Book in PDF, ePub and Kindle
The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity. This book consists of the major work of Professor Ping Chen, a pioneer in studying economic chaos and economic complexity. They are selected from works completed since 1987, including original research on the evolutionary dynamics of the division of labour, empirical and theoretical studies of economic chaos and stochastic models of collective behavior. Offering a new perspective on market instability and the changing world order, the basic pillars in equilibrium economics are challenged by solid evidence of economic complexity and time asymmetry, including Friedman’s theory of exogenous money and efficient market, the Frisch model of noise-driven cycles, the Lucas model of microfoundations and rational expectations, the Black-Scholes model of option pricing, and the Coase theory of transaction costs. Throughout, a general theory based on complex evolutionary economics is developed, which integrates different insights from Marx, Marshall, Schumpeter, Keynes and offers a new understanding of the evolutionary history of division of labour. This book will be of interest to postgraduates and researchers in Economics, including macroeconomics, financial economics, advanced econometrics and economic methodology.
