{"product_id":"dynamic-economics-isbn-9780262547888","title":"Dynamic Economics","description":"\u003cb\u003eAn integrated approach to the empirical application of dynamic optimization programming models, for students and researchers.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eThis 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.\u003cbr\u003e\u003cbr\u003eIn 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.\u003cbr\u003e\u003cbr\u003eThe original contribution of \u003ci\u003eDynamic Economics: Quantitative Methods and Applications\u003c\/i\u003e 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.1 Overview 1\u003cbr\u003eI Theory \u003cbr\u003e2 Theory of Dynamic Programming 7\u003cbr\u003e3 Numerical Analysis 33\u003cbr\u003e4 Econometrics 61\u003cbr\u003eII Applications\u003cbr\u003e5 Stochastic Growth 103\u003cbr\u003e6 Consumption 139\u003cbr\u003e7 Durable Consumption 165\u003cbr\u003e8 Investment 187\u003cbr\u003e9 Dynamics of Employment Adjustment 215\u003cbr\u003e10 Future Developments 241\u003cbr\u003eBibliography 265\u003cbr\u003eIndex 275Jérôme Adda is a Lecturer in the Department of Economics at University College, London, and a Research Associate at the Institute of Fiscal Studies.\u003cbr\u003eRussell 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.","brand":"The MIT Press","offers":[{"title":"Default Title","offer_id":46300834726117,"sku":"NP9780262547888","price":60.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780262547888.jpg?v=1767725785","url":"https:\/\/k12savings.com\/es\/products\/dynamic-economics-isbn-9780262547888","provider":"K12savings","version":"1.0","type":"link"}