Multisector Growth Models

Theory and Application
1. Auflage 2009
ISBN: 978-0-387-77358-2
Verlag: Springer-Verlag
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 330 Seiten

The primary objective of this book is to advance the state of the art in specifying and ?tting to data structural multi-sector dynamic macroeconomic models, and empirically implementing them. The fundamental construct upon which we build is the Ramsey model. A most attractive feature of this model is the insights it provides into the dynamics of an economy in tr- sition to long-run equilibrium. With some exceptions, Ramsey models are highly aggregated – typically single sector models. However, interest often lies in understanding the forces of e- nomic growth across multiple sectors of an economy and on how policy impacts likely play out over time. Such analyses call for moredisaggregatedmodelsthatcanbe?ttocountryorregional data.Thisbookshowshowto:(i)extendthebasicmodeltom- tiple sectors, (ii) how to adapt the basic model to account for policy instruments, and (iii) ?t the model to data, and obtain equilibrium values both forward and backward in time from the data points to which the model is initially ?t.

Autoren/Hrsg.

Inhaltsverzeichnis

1;Contents;5
2;Preface;10
3;Acknowledgement;12
4;1 Introduction: Orientation and Focus;13
4.1;Introduction;13
4.2;Organization of the book;16
5;2 The Preliminaries;20
5.1;Microeconomic foundations;21
5.1.1;Consumer preferences;21
5.1.2;Production technologies;24
5.2;The Heckscher-Ohlin-Samuelson model;29
5.2.1;The behavior of households;30
5.2.2;The price taking firm;31
5.2.3;Characterization of equilibrium;32
5.2.4;Comparative statics;34
5.3;Generalizing the basic model;38
5.3.1;The case where Mt=N;39
5.3.2;The case where Mt