Multisector Growth Models Theory and Application
:
Terry L. Roe, Rodney B. W. Smith, D. Sirin Saracoglu
:
Multisector Growth Models Theory and Application
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Springer-Verlag
:
9780387773582
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1
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CHF 85.20
:
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Volkswirtschaft
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English
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333
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Wasserzeichen/DRM
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PC/MAC/eReader/Tablet
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PDF
The primary objective of this book is to advance the state of the art in specifying and ?tting to data structural multi-sector dynamic macroeconomic models, and empirically implementing them. The fundamental construct upon which we build is the Ramsey model. A most attractive feature of this model is the insights it provides into the dynamics of an economy in tr- sition to long-run equilibrium. With some exceptions, Ramsey models are highly aggregated - typically single sector models. However, interest often lies in understanding the forces of e- nomic growth across multiple sectors of an economy and on how policy impacts likely play out over time. Such analyses call for moredisaggregatedmodelsthatca be?ttocountryorregional data.Thisbookshowshowto:(i)ex endthebasicmodeltom- tiple sectors, (ii) how to adapt the basic model to account for policy instruments, and (iii) ?t the model to data, and obtain equilibrium values both forward and backward in time from the data points to which the model is initially ?t.
Contents
5
Preface
10
Acknowledgement
12
1 Introduction: Orientation and Focus
13
Introduction
13
Organization of the book
16
2 The Preliminaries
20
Microeconomic foundations
21
Consumer preferences
21
Production technologies
24
The Heckscher-Ohlin-Samuelson model
29
The behavior of households
30
The price taking firm
31
Characterization of equilibrium
32
Comparative statics
34
Generalizing the basic model
38
The case where Mt=N
39
The case where Mt
39
39
39
Comparative statics
40
The special case of a home (non-traded) good
41
The environment
42
Behavior of households and firms
42
The characterization of equilibrium
43
Selected comparative statics
45
Appendix: determinants of home-good price
51
3 The Two Sector Ramsey Model
55
The model environment
56
Household behavior
56
