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Model (macroeconomics)
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices. Macroeconomic models may be logical, mathematical, and/or computational; the different types of macroeconomic models serve different purposes and have different advantages and disadvantages. Macroeconomic models may be used to clarify and illustrate basic theoretical principles; they may be used to test, compare, and quantify different macroeconomic theories; they may be used to produce "what if" scenarios (usually to predict the effects of changes in monetary, fiscal, or other macroeconomic policies); and they may be used to generate economic forecasts. Thus, macroeconomic models are widely use ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comparative Statics
In economics, comparative statics is the comparison of two different economic outcomes, before and after a change in some underlying exogenous variable, exogenous parameter. As a type of ''static analysis'' it compares two different economic equilibrium, equilibrium states, after the process of adjustment (if any). It does not study the motion towards equilibrium, nor the process of the change itself. Comparative statics is commonly used to study changes in supply and demand when analyzing a single Market (economics), market, and to study changes in monetary policy, monetary or fiscal policy when analyzing the whole macroeconomics, economy. Comparative statics is a tool of analysis in microeconomics (including general equilibrium analysis) and macroeconomics. Comparative statics was formalized by Sir John Richard Hicks, John R. Hicks (1939) and Paul A. Samuelson (1947) (Kehoe, 1987, p. 517) but was presented graphically from at least the 1870s. For models of stable equili ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynamical System
In mathematics, a dynamical system is a system in which a Function (mathematics), function describes the time dependence of a Point (geometry), point in an ambient space. Examples include the mathematical models that describe the swinging of a clock pendulum, fluid dynamics, the flow of water in a pipe, the Brownian motion, random motion of particles in the air, and population dynamics, the number of fish each springtime in a lake. The most general definition unifies several concepts in mathematics such as ordinary differential equations and ergodic theory by allowing different choices of the space and how time is measured. Time can be measured by integers, by real number, real or complex numbers or can be a more general algebraic object, losing the memory of its physical origin, and the space may be a manifold or simply a Set (mathematics), set, without the need of a Differentiability, smooth space-time structure defined on it. At any given time, a dynamical system has a State ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project LINK
Wharton Econometric Forecasting Associates, Inc (WEFA Inc) was an economics forecasting and consulting organization founded by Nobel Prize winner Lawrence Klein. WEFA Inc was a spinoff of the Wharton School of the University of Pennsylvania, where Klein taught. WEFA Inc traced an interesting path (see below for full details) from its predecessor in 1961 (the Economic Research Unit, discussed below), its initial launch in 1969 (as Wharton Econometric Forecasting Associates Inc), to its ultimate merger with DRI (formerly Data Resources Inc.) forming Global Insight in 2001, and subsequent to that, Global Insight's acquisition in 2008 by IHS Inc. Origins Incorporated in 1969 by the Trustees of the University of Pennsylvania as a "not for profit" organization, WEFA Inc was an outgrowth of the Economics Research Unit (ERU) located in the economics department of the University of Pennsylvania. The ERU, a research unit devoted to graduate economics education, was originally sponsored in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wharton Econometric Forecasting Associates
Wharton Econometric Forecasting Associates, Inc (WEFA Inc) was an economics forecasting and consulting organization founded by Nobel Prize winner Lawrence Klein. WEFA Inc was a spinoff of the Wharton School of the University of Pennsylvania, where Klein taught. WEFA Inc traced an interesting path (see below for full details) from its predecessor in 1961 (the Economic Research Unit, discussed below), its initial launch in 1969 (as Wharton Econometric Forecasting Associates Inc), to its ultimate merger with DRI (formerly Data Resources Inc.) forming Global Insight in 2001, and subsequent to that, Global Insight's acquisition in 2008 by IHS Inc. Origins Incorporated in 1969 by the Trustees of the University of Pennsylvania as a "not for profit" organization, WEFA Inc was an outgrowth of the Economics Research Unit (ERU) located in the economics department of the University of Pennsylvania. The ERU, a research unit devoted to graduate economics education, was originally sponsored in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jan Tinbergen
Jan Tinbergen (; ; 12 April 19039 June 1994) was a Dutch economist who was awarded the first Nobel Memorial Prize in Economic Sciences in 1969, which he shared with Ragnar Frisch for having developed and applied dynamic models for the analysis of economic processes. He is widely considered to be one of the most influential economists of the 20th century and one of the founding fathers of econometrics.Magnus, Jan & Mary S. Morgan (1987) ''The ET Interview: Professor J. Tinbergen'' in: 'Econometric Theory 3, 1987, 117-142. His important contributions to econometrics include the development of the first macroeconometric models, the solution of the identification problem, and the understanding of dynamic models. Tinbergen was a founding trustee of Economists for Peace and Security. In 1945, he founded the Bureau for Economic Policy Analysis (CPB) and was the agency's first director. Biography Tinbergen was the eldest of five children of Dirk Cornelis Tinbergen and Jeannette van E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, mathematical finance and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Netherlands
) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherlands , established_title2 = Act of Abjuration , established_date2 = 26 July 1581 , established_title3 = Peace of Münster , established_date3 = 30 January 1648 , established_title4 = Kingdom established , established_date4 = 16 March 1815 , established_title5 = Liberation Day (Netherlands), Liberation Day , established_date5 = 5 May 1945 , established_title6 = Charter for the Kingdom of the Netherlands, Kingdom Charter , established_date6 = 15 December 1954 , established_title7 = Dissolution of the Netherlands Antilles, Caribbean reorganisation , established_date7 = 10 October 2010 , official_languages = Dutch language, Dutch , languages_type = Regional languages , languages_sub = yes , languages = , languages2_type = Reco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Review Of Economics And Statistics
''The'' ''Review of Economics and Statistics'' is a peer-reviewed 103-year-old general journal that focuses on applied economics, with specific relevance to the scope of quantitative economics. The ''Review'', edited at the Harvard University’s Kennedy School of Government The Harvard Kennedy School (HKS), officially the John F. Kennedy School of Government, is the school of public policy and government of Harvard University in Cambridge, Massachusetts. The school offers master's degrees in public policy, public ... (JSTOR), has the long-term aim of publishing influential articles in mainly theoretical and empirical economics that will contribute to the broader readership in economics in both the present and the continual future. Over the time, the journal has published several of the most significant articles in empirical economics (JSTOR) based on its recognizable history which includes works from “Kenneth Arrow, Milton Friedman, Robert Merton, Paul Samuelson, Robert Sol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adaptive Expectations
In economics, adaptive expectations is a hypothesized process by which people form their expectations about what will happen in the future based on what has happened in the past. For example, if people want to create an expectation of the inflation rate in the future, they can refer to past inflation rates to infer some consistencies and could derive a more accurate expectation the more years they consider. One simple version of adaptive expectations is stated in the following equation, where p^e is the next year's rate of inflation that is currently expected; p^e_is this year's rate of inflation that was expected last year; and p is this year's actual rate of inflation: :p^e = p^_ + \lambda (p - p^_) where \lambda is between 0 and 1. This says that current expectations of future inflation reflect past expectations and an "error-adjustment" term, in which current expectations are raised (or lowered) according to the gap between actual inflation and previous expectations. The err ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Computational Economics
Computational Economics is an interdisciplinary research discipline that involves computer science, economics, and management science.''Computational Economics''."About This Journal"an"Aims and Scope" This subject encompasses computational modeling of economic systems. Some of these areas are unique, while others established areas of economics by allowing robust data analytics and solutions of problems that would be arduous to research without computers and associated numerical methods.• Hans M. Amman, David A. Kendrick, and John Rust, ed., 1996. ''Handbook of Computational Economics'', v. 1, ElsevierDescription & chapter-previelinks. • Kenneth L. Judd, 1998. ''Numerical Methods in Economics'', MIT Press. Links tdescription anchapter previews Computational methods have been applied in various fields of economics research, including but not limiting to: Econometrics: Non-parametric approaches, Semi-parametric approaches, and Machine Learning. Dynamic Syste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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