Author: Giancarlo Gandolfo
Publisher:
ISBN: 9780038718894
Category : Economic policy
Languages : en
Pages : 172

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Author: Giancarlo Gandolfo
Publisher: Springer Science & Business Media
ISBN: 3642954596
Category : Business & Economics
Languages : en
Pages : 182

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Book Description
This is the fourth version of a model that five years ago we set out to build and estimate along the lines of the continuous time approach clarified In chapter 1. Previous versions appeared in journal articles and conference proceedings, where the space is notoriously limited. Therefore we welcome the possibility of publishing a book-length treatment of this fourth version, so that we can describe its theoretical and empirical aspects in some detail. Although we have worked closely together and accept joint responsibility for the whole book, chs. 1 and 2 and appendix I have been written by G. Gandolfo, whilst chs. ] and 4 and appendix II have been written by P.c. Padoan. Different parts of this version of the model have been discussed In various lectures at the European University Institute (Florence) in 1984, In a seminar organized by the Bank of Italy (Sadiba, Perugia, Italy, February 16-18, 1984), in the second Viennese Workshop on Economic Applications of Control Theory (Vienna, May 16-18, 1984), and in the sixth annual Conference of the Society for Economic Dynamics and Control (Nice, France, June 13-15, 1984). In all of these we received helpful comments; similarly helpful were the comments of Clifford R .. Wymer, who, however, is absolved of any responsibility.

Author: William A. Barnett
Publisher: Cambridge University Press
ISBN: 9780521462754
Category : Business & Economics
Languages : en
Pages : 556

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Book Description
. The organizers of the ninth symposium, which produced the current proceedings volume, were Claude Hillinger at the University of Munich, Giancarlo Gandolfo at the University of Rome "La Sapienza," A. R. Bergstrom at the University of Essex, and P. C. B. Phillips at Yale University.

Author: Giancarlo Gandolfo
Publisher: Springer Science & Business Media
ISBN: 3662079798
Category : Business & Economics
Languages : en
Pages : 525

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Book Description
There is no lack of good international economics textbooks ranging from the elementary to the advanced, so that an additional drop in this ocean calls for an explanation. In the present writer's opinion, there seems still to be room for a textbook which can be used in both undergraduate and graduate courses, and which contains a wide range of topics, including those usually omitted from other textbooks. These are the intentions behind the present book, which is an outcrop from undergraduate and graduate courses in international economics that the author has been holding at the University of Rome since 1974, and from his on going research work in this field. Accordingly the work is organized as two-books in-one by distributing the material between text and appendices. The treatment in the body of this book is directed to undergraduate students and is mainly confined to graphic analysis and to some elementary algebra, but it is assumed that the reader will have a good knowledge of basic microeconomics and macroeconomics (so that the usual review material on production functions, indifference curves, standard Keynesian model, etc. , etc. has been omitted) . Each chapter is followed by an appendix in which the treatment is mainly mathematical, and where (i) the topics explained in the text are treated at a level suitable for advanced undergraduate or first-year graduate students and (ii) generalizations and/or topics not treated in the text (including some of those at the frontiers of research) are formally examined.

Author: Pierre Carlo Padoan
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 52

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November 1996 The accumulation of knowledge affects trade performance and competitiveness, but trade also (through imports) affects the accumulation of knowledge. Padoan examines the properties of a dynamic disequilibrium model focused on trade specialization and the accumulation of knowledge. He uses a sector breakdown (four export and two import sectors) following Pavitt's (1984) taxonomy, which is especially appropriate for empirically analyzing the relationship between innovation activities and production and export performance. Steady-state analysis shows that: * Under perfectly balanced growth (no change in trade specialization and a uniform growth of knowledge), international diffusion of knowledge is irrelevant for growth. * Under unbalanced growth (with changes in the structure of specialization), the process of structural change may be enhanced by the effects on the domestic accumulation of knowledge of domestic spillover, as innovation activities in one sector generate positive externalities on the rest of the economy. The growth of foreign knowledge has an ambivalent effect on domestic performance because it is both a complement to, and a substitute for, domestic knowledge. Whenever these two effects do not perfectly match, the diffusion of international knowledge is associated with unbalanced growth. Imports of knowledge-intensive goods may not lead to higher growth unless there is sufficiently strong trade performance in the knowledge-intensive sectors (that is, there are thresholds in expansion of market share). This result, whose implications for developing countries is relevant, is not usually reported in the literature in which greater accumulation of foreign knowledge unambiguously leads to higher growth in the country that imports technology through trade. Unbalanced growth is also associated with output catching up. Technological catching up is necessary but not sufficient for balanced growth. Parameter estimates were obtained for France, Germany, Italy, Japan, and the United Kingdom. Results appear to be consistent with theoretical expectations about the importance of price and nonprice determinants of trade performance in the four sectors. Results also seem to be generally consistent with the distribution of revealed comparative advantages in the sense that the country cases exhibit high and significant price and knowledge elasticities and high adjustment speeds - suggesting a good capacity to deliver in sectors with revealed comparative advantage. Simulation exercises confirm steady-state results on the relevance of country differences in trade specialization and in the domestic accumulation of knowledge as they affect growth. They also clarify the relationship between growth and changes in the structure of trade specialization. This paper - a product of the International Trade Division, International Economics Department - is part of a larger effort in the department to assess the role of technology diffusion in economic development.

Author: Franz Gehrels
Publisher: Springer Science & Business Media
ISBN: 3642956599
Category : Business & Economics
Languages : en
Pages : 194

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Book Description
The large aggregates in the economy - consumption, investment, production of the domestic and the international sectors, international capital flows, financial accumulation and indebtedness - are analysed in this book as problems in time-optimisation for enterprises and households. The effects of fiscal and monetary policies along with exchange-rate variation are examined, and their simultaneous use for stabilizing demand are found to be necessary. All household decisions on consumptions, savings, and financial disposition are conditioned by uncertainty, and similarly for firms, who make more complex simultaneous decisions on production, real investment, financing, and market strategy. The marginal efficiency-of-investment function derived from these decisions is fundamentally different from the marginal productivity of capital in the neoclassical sense. An economy which grows through the accumulation of capital, increase in labor supply, and technological progress is the framework in which all of these variables move. This codetermines the allocation of factors between domestic and international production, and the development of foreign trade. The growth both of the public debt and of international investment are treated in depth.

Author: Marco Lehmann-Waffenschmidt
Publisher: Springer Science & Business Media
ISBN: 3540686622
Category : Business & Economics
Languages : en
Pages : 265

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Book Description
This work uses various model frameworks to study the evolution of equilibria in an open loop evolving economy in which the model characteristics evolve without any directional restrictions except for continuity. Applying mathematical methods, it is shown that equilibria can always be adapted in a piecewise gradual, non bang-bang way.

Author: S. Mittnik
Publisher: Elsevier
ISBN: 1483296229
Category : Business & Economics
Languages : en
Pages : 194

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Book Description
The value of applying system-theoretic concepts to economic modelling problems arises from the fact that it offers a unifying framework for modelling dynamic systems. In addition to offering this powerful conceptual framework, it provides a wide range of tools useful in applied work. System-theoretic techniques enter predominantly two stages of economic modelling efforts: the stage of model construction and the stage of model application in accordance with the modelling. The objective of this and subsequent volumes on System-Theoretic Methods in Economic Modelling I is to initiate and/or intensify dialogues between researchers and practitioners within and across the disciplines involved. This first volume brings together papers exhibiting a wide range of system-theoretic techniques and applications to economic problems. The papers have been divided into two groups, following roughly--but not necessarily--the above classification into the construction and application stages of economic modelling. The papers in the first group focus on the identification of dynamic and static systems, while the papers in the second group address dynamic optimization problems.

Author: G. Gandolfo
Publisher: Springer Science & Business Media
ISBN: 9401115427
Category : Business & Economics
Languages : en
Pages : 273

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Book Description
Continuous-time econometrics is no longer an esoteric subject although most still regard it as such, so much so that it is hardly mentioned in standard textbooks on econometrics. Thanks to the work done in the last 20 years, both the theoretical and the applied side are by now well developed. Methods of estimation have been theoretically elaborated and practically implemented through computer programs. Continuous-time macroeconometric models for different countries have been constructed, estimated and used. Being myself involved in these developments, it was with great pleasure that I accepted the invitation to organize a session on continuous-time econometrics in the context of the International Symposium on Economic Modelling (jointly organized by the University of Urbino and the book series International Studies in Economic Modelling, and co-sponsored by the Consiglio Nazionale delle Ricerche). The reaction of 'continuists' from all over the world was so enthusiastic that I was able to arrange two sessions, one on the theory and the other on the applications. The symposium was held in Urbino on 23-25 July 1990. The papers presented in Urbino have been revised in the light of the discussion at the symposium and the referees' comments. Hence, what is published here should become another standard reference in the field of continuous-time econometrics.

Author: Hugo F. Sonnenschein
Publisher: Springer Science & Business Media
ISBN: 3642516459
Category : Business & Economics
Languages : en
Pages : 220

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Book Description