About this book
This book presents a macroeconomic dynamic model à la Solow-Swan, including the market for labour, in a discrete time structure. Labour supply is modelled as a reversed S curve (derived in the appendix). The models are expanded to include expenditure on R&D (thus endogenous technical progress), and public expenditure on infrastructures.
For each of the three models, numerical simulations are implemented in MAPLE, and the results are shown in time series figures, which make it easy to detect that even small changes in the parameters produce responses in the time behaviour of the main variables: from steady growth, to regular cycles, to chaotic-like time paths.
The simulations show that cycles do not promote material welfare, as measured by total undiscounted consumption along the time horizon, and that the comparative action of R&D versus public expenditure is strictly linked to the values assigned to the parameters.
- Book Title Experimenting with Dynamic Macromodels
- Book Subtitle Growth and Cycles
- Series Title Lecture Notes in Economics and Mathematical Systems
- DOI https://doi.org/10.1007/978-3-540-77397-9
- Copyright Information Springer-Verlag 2008
- Publisher Name Springer, Berlin, Heidelberg
- eBook Packages Business and Economics Economics and Finance (R0)
- Softcover ISBN 978-3-540-77396-2
- eBook ISBN 978-3-540-77397-9
- Series ISSN 0075-8442
- Edition Number 1
- Number of Pages XIV, 265
- Number of Illustrations 0 b/w illustrations, 0 illustrations in colour
Economic Theory/Quantitative Economics/Mathematical Methods
Macroeconomics/Monetary Economics//Financial Economics
Political Economy/Economic Systems
Computer Appl. in Social and Behavioral Sciences
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- Industry Sectors
- Finance, Business & Banking