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Dynamic Economic Models in Discrete Time: Theory and Empirical Applications by Guay Lim, Brian Ferguson (Hardcover, 2003)

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Economic behaviour is inherently dynamic. Introduction 2. First Order Difference Equations 3. Second Order Difference Equations 4. Higher Order and Systems of Difference Equations 5. Intertemporal Optimization 6.

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Economic behaviour is inherently dynamic. While things change continuously over time, much of economic analysis is based on discrete time, such as a month, quarter or a year reflecting the periodic nature of data-collecting and decision-making. The book introduces and develops the techniques of discrete time modelling starting with first order difference equation models and building up to systems of different equations, along the way covering such topics as: Non-linear difference equation models Random walks and chaotic processes Optimisation in discrete time models This well-written and easy to follow book will be primarily of interest to upper level students carrying out economic modelling. The nature of the book - bridging a gap between economics and econometric literature - will mean that it is also of interest to all academics with an interest in econometrics and mathematical economics.