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About this product
- DescriptionThe ABCs of RBCs is the first book to provide a basic introduction to Real Business Cycle (RBC) and New-Keynesian models. These models argue that random shocks - new inventions, droughts, and wars, in the case of pure RBC models, and monetary and fiscal policy and international investor risk aversion, in more open interpretations - can trigger booms and recessions and can account for much of observed output volatility.George McCandless works through a sequence of these Real Business Cycle and New-Keynesian dynamic stochastic general equilibrium models in fine detail, showing how to solve them, and how to add important extensions to the basic model, such as money, price and wage rigidities, financial markets, and an open ecomy. The impulse response functions of each new model show how the added feature changes the dynamics. The ABCs of RBCs is designed to teach the ecomic practitioner or student how to build simple RBC models. Matlab code for solving many of the models is provided, and careful readers should be able to construct, solve, and use their own models.In the tradition of the freshwater ecomic schools of Chicago and Minnesota, McCandless enhances the methods and sophistication of current macroecomic modeling.
- Author BiographyGeorge McCandless is an economist at the Central Bank of Argentina.
- Author(s)George T. McCandless
- PublisherHarvard University Press
- Date of Publication20/03/2008
- SubjectEconomics: Textbooks & Study Guides
- Place of PublicationCambridge, Mass
- Country of PublicationUnited States
- ImprintHarvard University Press
- Content Note78 line illustrations, 27 tables
- Weight812 g
- Width155 mm
- Height235 mm
- Spine36 mm
- Format DetailsSewn,Cloth over boards,With printed dust jacket
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