Author or Editor: Alfonso Novales, Esther Fernández and Jesús Ruiz
Publisher: Springer
Published: 2009
Pages: 528
Dynamic, stochastic models with optimizing agents have become a standard tool for policy design and evaluation at central banks and governments around the world. They are also increasingly used as the main reference for forecasting purposes. Such models can incorporate general equilibrium assumptions, as it was the case with Modern Business Cycle Theory, or different types of market frictions, in the form of price rigidity or monopolistic competition, as in the New Keynesian Macroeconomics. These models can all be considered as special cases of models of economic growth, and the theoretical and computational methods contained in this book are a first step to get started in this area.
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