Hi there, I'm looking for examples of classical macroeconomic models suche as the Ramsey Model or the Infinite- Horizon /Overlapping Generation models.
All of them involve classical SD concept (flows and stock for Capital, Labour, etc.) but also optimizations : for instance in the Ramsey Model the saving rate is the result of an optimization did by the households (which maximize their lifetime utilities). I'm trying to figure out if it'd possible to design a course in macroeconomic models with SD. Anyone has examples of such models and how they've been implemented in SD?
Any help will be appreciated.
Giovanni
Macroeconomic Models with optimization
Macro dynamics models
Hi
There is a course on macroeconomic dynamics offered in distance course by the
W.P.I. that you can find on the Web site
www.systemdynamics.org
SD 565. Macroeconomic Dynamics.
There are three parts to this course. The first acquaints a student with dynamic macroeconomic data and the stylized facts seen in most macroeconomic systems. Characteristics of the data related to economic growth, economic cycles, and the interactions between economic growth and economic cycles that are seen as particularly important when viewed through the lens of system dynamics, will be emphasized. The second acquaints a student with the basics of macroeconomic growth and business cycle theory. This is accomplished by presenting well-known models of economic growth and instability, from both the orthodox and heterodox perspectives, via system dynamics. The third part attempts to enhance a student's ability to build and critique dynamic macroeconomic models by addressing such topics as the translation of difference and differential equation models into their equivalent system dynamics representation, fitting system dynamics models to macroeconomic data, and evaluating (formally and informally) a model's validity for the purpose of theory selection.
Regards.
J.J. Laublé
There is a course on macroeconomic dynamics offered in distance course by the
W.P.I. that you can find on the Web site
www.systemdynamics.org
SD 565. Macroeconomic Dynamics.
There are three parts to this course. The first acquaints a student with dynamic macroeconomic data and the stylized facts seen in most macroeconomic systems. Characteristics of the data related to economic growth, economic cycles, and the interactions between economic growth and economic cycles that are seen as particularly important when viewed through the lens of system dynamics, will be emphasized. The second acquaints a student with the basics of macroeconomic growth and business cycle theory. This is accomplished by presenting well-known models of economic growth and instability, from both the orthodox and heterodox perspectives, via system dynamics. The third part attempts to enhance a student's ability to build and critique dynamic macroeconomic models by addressing such topics as the translation of difference and differential equation models into their equivalent system dynamics representation, fitting system dynamics models to macroeconomic data, and evaluating (formally and informally) a model's validity for the purpose of theory selection.
Regards.
J.J. Laublé
Macroeconomic models with optimizations
Hi J.J. , thank you for the quick answer.
Unfortunately I haven't so much time to attend a course (I work for a statistical sw company as business development manager, I'm 42...). I was just looking at some examples just to start practising, ...
Regards
Giovanni
Unfortunately I haven't so much time to attend a course (I work for a statistical sw company as business development manager, I'm 42...). I was just looking at some examples just to start practising, ...
Regards
Giovanni