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Subject: Economics

Understanding DSGE models

Theory and Applications
1st edition / ISBN: 978-1-62273-038-4
June 2016
Availability: In stock

While the theoretical development of DSGE models is not overly difficult to understand, practical application remains somewhat complex. The literature on this subject has some significant obscure points. This book can be thought of, firstly, as a tool to overcome initial hurdles with this type of modeling. Secondly, by showcasing concrete applications, it aims to persuade incipient researchers to work with this methodology. In principle, this is not a book on macroeconomics in itself, but on tools used in the construction of this sort of models. It strives to present this technique in a detailed manner, thereby providing a step by step course intended to walk readers through this otherwise daunting process. The book begins with a basic Real Business Cycle model. Subsequently various frictions are gradually incorporated into a standard DSGE model: imperfect competition; frictions in prices and in wages ; habit formation; non-Ricardian agents; adjustment cost in investment; costs of not using the maximum installed capacity; and finally, Government.

The Challenge of Credit Supply

American Problems and Solutions, 1650-1950
1st edition / ISBN: 978-1-62273-056-8
March 2016
Availability: In stock

This book is for anyone seeking a succinct and accessible treatment of the most pivotal financial and monetary policies throughout American history from 1650-1950. But it is especially written for those who desire an intricate and detailed knowledge of how and why these policies worked with respect to the supply of adequate credit for economic development. A thorough examination of key credit institutions and their specific powers, functions, mechanisms, context, and economic impact brings the reader to a recognition of which policies and institutions were successful and unsuccessful in supporting the economy and preventing crisis. Its extensive use of primary sources, period literature, and carefully chosen quotations allows the reader to participate in the original discussion and issues that faced Americans in each era. This vivid account leads to a unique grasp of relationships between essential facts, ideas, and time periods. The reader is rewarded with the rare experience of seeing the evolution of three hundred years of policy development as an integrated process. The book’s content will be new and provoking to the academic, policy maker, and economist, but is presented in a manner and style ensuring comprehension for a general audience and those new to the topics involved. Many of the lessons learned in the course of the investigation are relevant and applicable to modern economic and financial policies.

Boom and Bust: Ecuador’s Financial Rollercoaster

The interplay between finance, politics and social conditions in 20th Century Ecuador
1st edition / ISBN: 978-1-62273-470-2
December 2015
Availability: In stock

Throughout the history of Ecuador, the ambivalent evolution of major political and social events such as the stability of serving presidents, coups and even war, has coincided with changes in the financial environment. The product of careful historical study, "Boom & Bust: Ecuador’s Financial Rollercoaster" combines evidence from prior studies with original research, including data from the Central Bank of Ecuador, unpublished diplomatic papers and documents from the personal archives of relevant historical figures. A central finding is that the export performance of Ecuador's three primary commodities - cacao, bananas and oil - has significantly shaped 20th-century Ecuadorian history. Synthesis of old and new insights reveals how the state of the nation’s economy has frequently determined the outcome of critical events. All the while, the strength, immediacy and direction of the relationships examined has varied. The book would appeal to anyone with an interest in Ecuador's recent history as well as specialists and scholars of Latin American economic and political history.

Public Assistance of the Poor in France

From the Middle Ages to the Late 19th Century (New Edition)
1st edition / ISBN: 978-1-62273-041-4
October 2015
Availability: In stock

This book is a historical assessment of state institutions and other social arrangements put in place to alleviate poverty in France. It draws from both primary (notably archives of the Church) and secondary sources (such as Monnier’s Histoire de l’Assistance Publique). It offers a comparative perspective with respect to contemporary arrangements in Britain and the United States, including some early poverty statistics. The result is a useful and concise account of the history of social institutions which continues to be of relevance over a century after its initial publication. This New Edition has been typeset with modern techniques. It has been painstakingly proofread to ensure that it is free from errors.

Introduction to Dynamic Macroeconomic General Equilibrium Models

2nd edition / ISBN: 978-1-62273-030-8
September 2015
Availability: In stock

This book offers an introductory step-by-step course in Dynamic Stochastic General Equilibrium (DSGE) modelling. Modern macroeconomic analysis is increasingly concerned with the construction, calibration and/or estimation and simulation of DSGE models. The book is intended for graduate students as an introductory course to DSGE modelling and for those economists who would like a hands-on approach to learning the basics of modern dynamic macroeconomic modelling. The book starts with the simplest canonical neoclassical DSGE model and then gradually extends the basic framework incorporating a variety of additional features, such as consumption habit formation, investment adjustment cost, investment-specific technological change, taxes, public capital, household production, non-ricardian agents, monopolistic competition, etc. The book includes Dynare codes for the models developed that can be downloaded from the book’s homepage. The second edition is identical to the first with the exception of a revised appendix to Chapter 2. The revised appendix can be downloaded free of charge in the accompanying downloads section.