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Dynamic General Equilibrium Modelling: Computational Methods and Applications Hardcover – May 24, 2005

by Burkhard Heer (Author), Alfred Maußner (Author)

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Dynamic General Equilibrium Modeling: Computational Methods and Applications
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Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. Many mathematical tools are needed to solve these models. The book presents various methods for computing the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail. Part II discusses methods for solving heterogeneous-agent economies. In such economies, the distribution of the individual state variables is endogenous. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the overlapping-generations model. Through an accompanying home page to this book, computer codes to all applications can be downloaded.

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Product Details

Hardcover: 539 pages
Publisher: Springer; 1 edition (May 24, 2005)
Language: English
ISBN-10: 354022095X
ISBN-13: 978-3540220954
Product Dimensions: 6.1 x 1.2 x 9.2 inches
Shipping Weight: 1.5 pounds
Average Customer Review: 5.0 out of 5 stars See all reviews (5 customer reviews)
Amazon Best Sellers Rank: #5,094,373 in Books (See Top 100 in Books)
- #1153 in Books > Science & Math > Evolution > Game Theory
- #5212 in Books > Business & Money > Economics > Macroeconomics
- #7204 in Books > Business & Money > Economics > Theory

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Top Customer Reviews

Great Book

By B. Taska on January 14, 2010

Format: Paperback Verified Purchase

I am PhD student in economics and I do research in heterogeneous agents models.I found this book to be extremely useful. It provides you with all the tools that you need in order to start and do your own research. Also most topics are up to date. The book comes also with a web page with the computer codes for the examples in the book. My only complain is that there are no MatLab codes, but only Gauss and FORTRAN.

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I love this book!

By vivi on November 12, 2011

Format: Hardcover

This book goes through DSGE models without assuming much previous knowledge, and the authors explain things really well. I definitely recommend you to at least check it out in your library before you waste your time and money buying other books.

Could it be better? Yes, if there were answers to the questions and if Matlab code was available. Notwithstanding that, the book still deserves 5 stars for how well it explains things, starting from the very basic details. I really love this book, and my only regret is not having found it earlier!

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Very helpful book full of codes

By G. Gunnarsson on April 11, 2010

Format: Paperback Verified Purchase

This book is unique. It gives a clear and systematic account of the practical aspect of solving dynamic general equilibrium models. It proved extremely useful to me in writing my thesis. The codes for solving the models are very valuable. You are given the codes for solving several types of models. Furthermore, I e.mailed dr. Heer regarding a coding issue that arose because I was running a newer version of GAUSS than the one the codes were written in and he was very helpful. He replied promptly and solved the issue. That helpful attitude from the authors is evident throughout the book, it helps you solve models. Springer quality - Five stars from me no question.

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A good link between the theory and computational aspects

By Mauricio Medinaceli on January 20, 2010

Format: Hardcover Verified Purchase

If you want to learn how to solve the dynamic macroeconomic models from a theoretical and practical perspectives, you should buy this book. But what I like the most it's the extended development in each model, contrary to other macroeconomic books, you can find in this one, a very detailed explanation of the algebra inside the macro models. Maybe next editions could improve with the answer to each chapter problems in some web page.