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Dynamic Economics: Quantitative Methods and Applications (The MIT Press)
Download Ebook Dynamic Economics: Quantitative Methods and Applications (The MIT Press)
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An integrated approach to the empirical application of dynamic optimization programming models, for students and researchers. This book is an effective, concise text for students and researchers that combines the tools of dynamic programming with numerical techniques and simulation-based econometric methods. Doing so, it bridges the traditional gap between theoretical and empirical research and offers an integrated framework for studying applied problems in macroeconomics and microeconomics.In part I the authors first review the formal theory of dynamic optimization; they then present the numerical tools and econometric techniques necessary to evaluate the theoretical models. In language accessible to a reader with a limited background in econometrics, they explain most of the methods used in applied dynamic research today, from the estimation of probability in a coin flip to a complicated nonlinear stochastic structural model. These econometric techniques provide the final link between the dynamic programming problem and data. Part II is devoted to the application of dynamic programming to specific areas of applied economics, including the study of business cycles, consumption, and investment behavior. In each instance the authors present the specific optimization problem as a dynamic programming problem, characterize the optimal policy functions, estimate the parameters, and use models for policy evaluation.The original contribution of Dynamic Economics: Quantitative Methods and Applications lies in the integrated approach to the empirical application of dynamic optimization programming models. This integration shows that empirical applications actually complement the underlying theory of optimization, while dynamic programming problems provide needed structure for estimation and policy evaluation.
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Product details
Series: The MIT Press
Hardcover: 296 pages
Publisher: The MIT Press (August 29, 2003)
Language: English
ISBN-10: 9780262012010
ISBN-13: 978-0262012010
ASIN: 0262012014
Product Dimensions:
6 x 1 x 9 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
4.7 out of 5 stars
5 customer reviews
Amazon Best Sellers Rank:
#1,294,056 in Books (See Top 100 in Books)
I used this book for my master macro class. It has a very friendly introduction to dynamic programming and numerical analysis (several methods of projection, for example). Having read some other textbooks in computational methods, I still regard this book as a very good reference in case I needed to refresh notions like collocation and indirect inference.One problem with this book, however, is that it's a bit dated. The papers discussed are mostly in 80s and 90s, but there has been substantial development in macro with new methods like OCCBIN and MCMC. It's also surprising that the book has no discussion on perturbation.
If you are starting a PhD in economics, there are a few books you must have. On the micro side this is pretty clear. On the macro side, there are a few option. Ljungqvist & Sargent, and Stokey, Lucas, Prescott are two classics (among a number of options).To the standard options I would add this book and Stachurski's Economic Dynamics: Theory and Computation. Both of these books have very intuitive approaches to the many problems you will encounter in economic dynamics (which is not restricted purely to macro, of course). I initially studied out of L&S and S/L/P in my first year, and only later found these two as I had to review a couple topics for research -- I really wish I'd had one or both my first year.A side benefit is that both are much more compact, physically, than either L&S or S/L/P. Carrying both of Adda & Cooper and Stachurski around was no effort whatsoever, and the insight I got from both was well worth their real estate.The only slight downside I'll give Adda and Cooper is they don't have much code available for some of their examples. Of course, any code is nice (perhaps I've been spoiled by Stachurski). Also, there is a typo in line 33 of the code in Figure 3.1, p 38. I believe that newV[i_s, i_y] = max(aux)should be newV[i_s] = max(aux)... because this is outside the income loop. (One of the tricky things about writing code in language-neutral pseudo-code is that you can never double-check it by simply running the code and looking for errors.)Aside from that, this is an excellent resource!
Great condition and price
Compared to many other books relying on maths to introduce dynamic programming, Adda and Cooper's book is unique as it starts with simple and intuitive introduction, but ends with practical methods and techniques that one can use in research, which is not the focus of other books (say Stokey and Lucas book). I benefited from reading it for writing my thesis, and found that it is one of the very few books that really put dynamic programming into economic questions. The book is terse, so very handy when I need.
this book is nice to have as a compliment to sargent and lindquist. its a nice way to get your feet wet in dynamic programming.
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