{"product_id":"computational-macroeconomics-for-the-open-economy-isbn-9780262552837","title":"Computational Macroeconomics for the Open Economy","description":"\u003cb\u003eHow to use nonlinear dynamic models in policy analysis.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003ePolicymakers need quantitative as well as qualitative answers to pressing policy questions. Because of advances in computational methods, quantitative estimates are now derived from coherent nonlinear dynamic macroeconomic models embodying measures of risk and calibrated to capture specific characteristics of real-world situations. This text shows how such models can be made accessible and operational for confronting policy issues. The book starts with a simple setting based on market-clearing price flexibility. It gradually incorporates departures from the simple competitive framework in the form of price and wage stickiness, taxes, rigidities in investment, financial frictions, and habit persistence in consumption. Most chapters end with computational exercises; the Matlab code for the base model can be found in the appendix. As the models evolve, readers are encouraged to modify the codes from the first simple model to more complex extensions. \u003ci\u003eComputational Macroeconomics for the Open Economy\u003c\/i\u003e can be used by graduate students in economics and finance as well as policy-oriented researchers.Preface xi\u003cbr\u003eAcknowledgments xv\u003cbr\u003e1 Introduction 1\u003cbr\u003e2 A Small Open Economy Model 19\u003cbr\u003e3 Sticky Domestic Prices 47\u003cbr\u003e4 Income and Consumption Taxes 69\u003cbr\u003e5 Current Account Dynamics 85\u003cbr\u003e6 Capital and Tobin's \u003ci\u003eQ \u003c\/i\u003e103\u003cbr\u003e7 Economy with Natural Resources 121\u003cbr\u003e8 Financial Frictions 139\u003cbr\u003e9 Wage Rigidities 157\u003cbr\u003e10 Habit Persistence 173\u003cbr\u003e11 International Capital Flows and Adjustments 191\u003cbr\u003eAppendixes\u003cbr\u003eA Definition of Symbols 201\u003cbr\u003eB Definition of Variables 203\u003cbr\u003eC The Computer Algorithm 205\u003cbr\u003eNotes 211\u003cbr\u003eBibliography 215\u003cbr\u003eIndex 225G. C. Lim is Professorial Research Fellow at the Melbourne Institute of Applied Economic and Social Research, University of Melbourne. She is the coauthor of \u003ci\u003eDynamic Economic Models in Discrete Time: Theory and Empirical Applications\u003c\/i\u003e and \u003ci\u003eAn Introduction to Dynamic Economic Models\u003c\/i\u003e (both with Brian Ferguson).\u003cbr\u003e\u003cbr\u003ePaul D. McNelis is Robert Bendheim Chair of Economic and Financial Policy at Fordham University Graduate School of Business Administration. He is the author of \u003ci\u003eNeural Networks in Finance: Gaining Predictive Edge in the Market.\u003c\/i\u003e","brand":"The MIT Press","offers":[{"title":"Default Title","offer_id":46302275076325,"sku":"NP9780262552837","price":50.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780262552837.jpg?v=1767724015","url":"https:\/\/k12savings.com\/products\/computational-macroeconomics-for-the-open-economy-isbn-9780262552837","provider":"K12savings","version":"1.0","type":"link"}