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New Trends in Macroeconomics

:	Claude Diebolt, Catherine Kyrtsou.
:	Claude Diebolt, Catherine Kyrtsou
:	New Trends in Macroeconomics
:	Springer-Verlag
:	9783540285564
:	1
:	CHF 85.40
:

:	Volkswirtschaft
:	English

:	238
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

This text provides a new approach to the subject, including a comprehensive survey of novel theoretical approaches, methods, and models used in macroeconomics and macroeconometrics. The book gives extensive insight into economic policy, incorporates a strong international perspective, and offers a broad historical perspective.

	Acknowledgments	5
	Preface	6
	Contents	9
	List of Contributors	11
	The Propagation of Macroeconomic Shocks: A Dynamic Model with Contracts and Imperfect Competition	13
	1 Introduction	13
	2 The Model	14
	3 TheWalrasian Regime	17
	4 The Demand for Goods and Labor	18
	5 Price Contracts	19
	6 Wage Contracts	20
	7 Macroeconomic Dynamics	20
	8 Conclusions	24
	References	31
	Variable Elasticity of Substitution and Economic Growth: Theory and Evidence	33
	1 Introduction	33
	2 A VES Production Function	34
	3 VES in the Solow-Swan Growth Model	36
	4 Empirical Considerations of VES	37
	5 Estimation of a VES Production Function	41
	6 Conclusions and Extensions	44
	References	48
	Financial Intermediation and Economic Growth: A Semiparametric Approach	50
	1 Introduction	50
	2 Data	53
	3 Econometric Methodology	53
	4 Empirical Results	57
	5 Conclusion	59
	Appendix	59
	References	62
	Bridging the Gap: Linking Economics and Econometrics	64
	1 Introduction	64
	2 Non-Stationarities	66
	3 Linking Economics and Econometrics	73
	4 Credibility	78
	5 An Objective and Non-Distortionary Modelling Tool	80
	6 Conclusion	84
	References	85
	Revenue Smoothing in an ARIMA Framework: Evidence from the United States	89
	1 Introduction	89
	2 The Theory of Optimal Seigniorage	90
	3 Econometric Methodology	91
	4 Empirical Results	92
	5 Conclusion	96
	References	97
	What VAR Tell us about DSGE Models?	99
	1 Introduction	100
	2 Models	103
	3 VAR Models	111
	4 Explanations	118
	5 An Alternative Identification Scheme	121
	6 Conclusions and Practical Suggestions	123
	References	132
	Ex ante Real Returns in Forward Market Speculation in the Inter-War Period: Evidence and Prediction	134
	1 Introduction	134
	2 Excess Foreign Exchange Returns	136
	3 Empirical Tests	137
	4 Prediction	143
	5 Conclusion	145
	References	153
	Testing for Fractional Cointegration: The Relationship between Government Popularity and Economic Performance in the UK	155
	1 Introduction	155
	2 The Data Set	157
	3 Models of Fractional Cointegration	162
	4 Tests of Noncointegration	165
	5 Tests of Cointegration	171
	6 Power Evaluation	172
	7 Tests for Short-run Correlation	176
	8 Conclusion	177
	References	178
	Non-stationarity Tests in Macroeconomic Time Series	180
	1 Introduction	180
	2 Non-stationarity Tests	182
	3 Non-stationarity Tests with Structural Changes	187
	4 Non-stationarity and Macroeconomic Theory	190
	5 Conclusion	194
	References	195
	Seasonality, Nonstationarity and the Structural Forecasting of the Index of Industrial Production	202
	1 Introduction and Motivation	202
	2 Model Specification	203
	3 Testing for (Seasonal) Unit Roots	205
	4 Asymptotic Least Squares Estimation Procedure	207
	5 Asymptotic Least Squares Estimation Results	212
	6 Forecasting	215
	7 Final Remarks	216
	References	228
	Complex Dynamics in Macroeconomics: A Novel Approach	229
	1 Introduction	229
	2 Recurrence Quantification Analysis	231
	3 RQA Results	236
	4 Conclusions and Future Research	241
	References	241