Overview
- Offers an introduction to the use of numerical methods for solving dynamic general equilibrium models
- Provides algorithms and program codes on an accompanying website
- This is the 3rd completely revised and extended edition
Part of the book series: Springer Texts in Business and Economics (STBE)
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About this book
Contemporary macroeconomics is built upon microeconomic principles, with its most recent advance featuring dynamic stochastic general equilibrium models. The textbook by Heer and Maußner acquaints readers with the essential computational techniques required to tackle these models and employ them for quantitative analysis. This third edition maintains the structure of the second, dividing the content into three separate parts dedicated to representative agent models, heterogeneous agent models, and numerical methods. At the same time, every chapter has been revised and two entirely new chapters have been added.
The updated content reflects the latest advances in both numerical methods and their applications in macroeconomics, spanning areas like business-cycle analysis, economic growth theory, distributional economics, monetary and fiscal policy. The two new chapters delve into advanced techniques, including higher-order perturbation, weighted residual methods, and solutions to high-dimensional nonlinear problems. In addition, the authors present further insights from macroeconomic theory, complemented by practical applications like the Smolyak algorithm, Gorman aggregation, rare disaster models and dynamic Laffer curves. Lastly, the new edition places special emphasis on practical implementation across various programming languages; accordingly, its accompanying web page offers examples of computer code for languages such as MATLAB®, GAUSS, Fortran, Julia and Python.
Keywords
- Business Cycles
- Computational Economics
- Dynamic General Equilibrium Modeling
- General Equilibrium
- General Equilibrium Modeling
- Growth Theory
- Heterogeneous Agents
- Stochastic Rational Expectations Economies
- Agents
- Growth Model
- Ramsey Model
- Perturbation Methods
- Heterogenous Agent Models
- Monetary and Fiscal Policy
- MATLAB
- GAUSS
- Python
Table of contents (16 chapters)
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Front Matter
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Heterogenous Agent Models
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Front Matter
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Reviews
"This is perhaps the perfect book to learn how to solve quantitative macroeconomic models. Its balance between theory, choice of models, computational insights and use of examples make it an excellent teaching tool. One of the very few books a professional macroeconomist should have. I always learn something important when I consult it."
José-Víctor Ríos Rull, University of Pennsylvania
"This book does not only an excellent job in explaining the existing tools, but it also teaches the reader on how to write his/her own programs and it provides the reader with the tools to help advance the state of the art of dynamic macroeconomics."
Wouter J. Den Haan, London School of Economics
"This is an excellent book for economists who do quantitative research. It will be an invaluable teaching tool for graduate macroeconomic courses."
Ayse Imrohororoglu, University of Southern California
Dirk Krueger, University of Pennsylvania
Authors and Affiliations
About the authors
Burkhard Heer is a professor of public economics at the University of Augsburg, Germany. Previously, he was professor of economics at the Universities of Bolzano, Bamberg, and Innsbruck. Burkhard Heer received his PhD in economics from the University of Cologne, Germany, in 1996. He was visiting scholar at various institutions including Georgetown University, Stanford University, Fordham University at New York, University of Quebec at Montreal, University Pompeu Fabra in Barcelona and the Federal Reserve Bank at St. Louis. Burkhard Heer is also affiliated with the Center for Economic Studies (CESifo), Munich, and NETSPAR, Tilburg. His research interests include public economics and macroeconomics. He also published a Springer textbook on “Public Economics”.
Alfred Maußner is a professor of empirical macroeconomics at the University of Augsburg, Germany. Previously he was professor of economics at the Universities of Bamberg and Cologne. He received his PhD in Economics at the University of Erlangen-Nuremberg in 1984. He was visiting scholar at the University of Athens, Georgia and the University of California in Los Angeles. His research interests include economic growth, business cycles, and computational methods. He is author/co-author of several textbooks published in German.
Bibliographic Information
Book Title: Dynamic General Equilibrium Modeling
Book Subtitle: Computational Methods and Applications
Authors: Burkhard Heer, Alfred Maußner
Series Title: Springer Texts in Business and Economics
DOI: https://doi.org/10.1007/978-3-031-51681-8
Publisher: Springer Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2024
Hardcover ISBN: 978-3-031-51680-1Published: 22 February 2024
Softcover ISBN: 978-3-031-51683-2Due: 24 March 2024
eBook ISBN: 978-3-031-51681-8Published: 21 February 2024
Series ISSN: 2192-4333
Series E-ISSN: 2192-4341
Edition Number: 3
Number of Pages: XLIII, 912
Number of Illustrations: 42 b/w illustrations, 87 illustrations in colour
Topics: Economic Theory/Quantitative Economics/Mathematical Methods, Macroeconomics/Monetary Economics//Financial Economics, Economic Growth, Computer Science, general, Computer Science, general