Author: John G. ThistlePublisher:
ISBN:
Category : Rational expectations (Economic theory)
Languages : en
Pages : 82
Book Description
The Origin and the Resolution of Nonuniqueness in Linear Rational Expectations
Author: John G. ThistlePublisher:
ISBN:
Category : Rational expectations (Economic theory)
Languages : en
Pages : 82
Book Description
A note on non-uniqueness in rational expectations models
Author: W. M. ScarthPublisher:
ISBN:
Category : Applied mathematics
Languages : en
Pages :
Book Description
On Non-uniqueness in Rational Expectations Models
Author: Bennett T. McCallumPublisher:
ISBN:
Category : Econometrics
Languages : en
Pages : 66
Book Description
Many macroeconomic models involving rational expect at ions give rise to an infinity of solution paths, even when the models are linear in all variables. Some writers have suggested that this non-uniqueness constitutes a serious weakness for the rational expectations hypothesis. One purpose of the present paper is to argue that the non-uniqueness in question is not properly attributable to the rationality hypothesis but, instead, is a general feature of dynamic models involving expectations. It is also argued that there typically exists, in a very wide class of linear rational expectations models, a single solution that excludes "bubble" or "bootstrap" effects ones that occur only because they are arbitrarily expected to occur. A systematic procedure for obtaining solutions free from such effects is introduced and discussed. In addition, this procedure is used to interpret and reconsider several prominent examples with solution multiplicities, including ones developed by Fischer Black and John B. Taylor. [Resumen de autor]
Nonuniqueness in Rational Expectations Models : an Interpretation
Author: Backus, DavidPublisher: Kingston, Ont. : Institute for Economic Research, Queen's University
ISBN:
Category :
Languages : en
Pages : 10
Book Description
On Non-uniqueness in Rational Expectations Models
Author: Bennett T. MacCallumPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Many macroeconomic models involving rational expect at ions give rise to an infinity of solution paths, even when the models are linear in all variables. Some writers have suggested that this non-uniqueness constitutes a serious weakness for the rational expectations hypothesis. One purpose of the present paper is to argue that the non-uniqueness in question is not properly attributable to the rationality hypothesis but, instead, is a general feature of dynamic models involving expectations. It is also argued that there typically exists, in a very wide class of linear rational expectations models, a single solution that excludes "bubble" or "bootstrap" effects -- ones that occur only because they are arbitrarily expected to occur. A systematic procedure for obtaining solutions free from such effects is introduced and discussed. In addition, this procedure is used to interpret and reconsider several prominent examples with solution multiplicities, including ones developed by Fischer Black and John B. Taylor
Linear Rational Expectations Models
Author: Charles H. WhitemanPublisher:
ISBN: 9780608007977
Category :
Languages : en
Pages : 149
Book Description
Dirichlet Branes and Mirror Symmetry
Author: Publisher: American Mathematical Soc.
ISBN: 0821838482
Category : Mathematics
Languages : en
Pages : 698
Book Description
Research in string theory has generated a rich interaction with algebraic geometry, with exciting work that includes the Strominger-Yau-Zaslow conjecture. This monograph builds on lectures at the 2002 Clay School on Geometry and String Theory that sought to bridge the gap between the languages of string theory and algebraic geometry.
Global Political Economy
Author: Robert G. GilpinPublisher: Princeton University Press
ISBN: 140083127X
Category : Political Science
Languages : en
Pages : 436
Book Description
This book is the eagerly awaited successor to Robert Gilpin's 1987 The Political Economy of International Relations, the classic statement of the field of international political economy that continues to command the attention of students, researchers, and policymakers. The world economy and political system have changed dramatically since the 1987 book was published. The end of the Cold War has unleashed new economic and political forces, and new regionalisms have emerged. Computing power is increasingly an impetus to the world economy, and technological developments have changed and are changing almost every aspect of contemporary economic affairs. Gilpin's Global Political Economy considers each of these developments. Reflecting a lifetime of scholarship, it offers a masterful survey of the approaches that have been used to understand international economic relations and the problems faced in the new economy. Gilpin focuses on the powerful economic, political, and technological forces that have transformed the world. He gives particular attention to economic globalization, its real and alleged implications for economic affairs, and the degree to which its nature, extent, and significance have been exaggerated and misunderstood. Moreover, he demonstrates that national policies and domestic economies remain the most critical determinants of economic affairs. The book also stresses the importance of economic regionalism, multinational corporations, and financial upheavals. Gilpin integrates economic and political analysis in his discussion of "global political economy." He employs the conventional theory of international trade, insights from the theory of industrial organization, and endogenous growth theory. In addition, ideas from political science, history, and other disciplines are employed to enrich understanding of the new international economic order. This wide-ranging book is destined to become a landmark in the field.
The Geometry of Schemes
Author: David EisenbudPublisher: Springer Science & Business Media
ISBN: 0387226397
Category : Mathematics
Languages : en
Pages : 265
Book Description
Grothendieck’s beautiful theory of schemes permeates modern algebraic geometry and underlies its applications to number theory, physics, and applied mathematics. This simple account of that theory emphasizes and explains the universal geometric concepts behind the definitions. In the book, concepts are illustrated with fundamental examples, and explicit calculations show how the constructions of scheme theory are carried out in practice.
Elements of Causal Inference
Author: Jonas PetersPublisher: MIT Press
ISBN: 0262037319
Category : Computers
Languages : en
Pages : 289
Book Description
A concise and self-contained introduction to causal inference, increasingly important in data science and machine learning. The mathematization of causality is a relatively recent development, and has become increasingly important in data science and machine learning. This book offers a self-contained and concise introduction to causal models and how to learn them from data. After explaining the need for causal models and discussing some of the principles underlying causal inference, the book teaches readers how to use causal models: how to compute intervention distributions, how to infer causal models from observational and interventional data, and how causal ideas could be exploited for classical machine learning problems. All of these topics are discussed first in terms of two variables and then in the more general multivariate case. The bivariate case turns out to be a particularly hard problem for causal learning because there are no conditional independences as used by classical methods for solving multivariate cases. The authors consider analyzing statistical asymmetries between cause and effect to be highly instructive, and they report on their decade of intensive research into this problem. The book is accessible to readers with a background in machine learning or statistics, and can be used in graduate courses or as a reference for researchers. The text includes code snippets that can be copied and pasted, exercises, and an appendix with a summary of the most important technical concepts.