Начала политической экономии и податного обложения = The principles of political economy and taxation

This paper presents a quarterly estimated structural macroeconomic model for the euro area, denoted area-wide model (AWM). This model has been developed with four uses in mind: the assessment of economic conditions in the area, macroeconomic forecasting, policy analysis and deepening understanding of the functioning of euro area economy. Five key features of the model are highlighted. First, it treats the euro area as a single economy. Second, it is a medium sized model which, while detailed enough for most purposes, is nonetheless sufficiently small to be manageable in the context of forecasting and simulation exercises. Third, the model is designed to have a long run equilibrium consistent with classical economic theory, while its short run dynamics are demand driven. Fourth, the current version of the AWM is mostly backward-looking, i.e. expectations are reflected via the inclusion of lagged variables. Finally, the AWM uses quarterly data, allowing for a richer treatment of the dynamics, and is mostly estimated on the basis of historical data (rather than calibrated). The paper comprises the following elements. First, a general overview of the structure of the model and of its long-run and short-run properties is provided, with particular emphasis on how the model reaches its steady state. This is followed by a review of the key behavioural equations, showing e.g. the extent to which the standard behavioural equations are capable of fitting the historical euro area data which has been constructed. Finally results from two illustrative simulations are provided, i.e. a fiscal expenditure shock and a change in interest rates. Appended to the main text are the full list of econometric results, the detailed description of the database and the results of stochastic long run simulations. In addition, a companion file comprising all of the quarterly time series underlying the AWM is made available.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID356003_code030107530.pdf?abstractid=356003&mirid=1&type=2

An Area Wide Model (AWM) for the Euro Area

We conducted a worldwide ranking of academic institutions that produce research in a list of thirty top research journals in economics. We also computed journal rankings for the same period and hence we do not rely on weights that were computed for research carried out in earlier periods. The United States is clearly the dominant force in the top-fifty group, but European academic institutions are well represented in the group of the top 200 universities worldwide as are universities from Asia and the Far East in particular. (JEL: A14, A10)

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Rankings of academic journals and institutions in economics

Diffusion processes and their sample paths

Efficiency decomposition in network data envelopment analysis: A relational model

While the endogenous growth theory has claimed success in modeling various factors of growth and providing analysis on sustainable growth of economies, most of the growth models in published work are for closed economies. These models are deemed to be inadequate for economic analysis because trade, which is often regarded as the engine of growth, has been neglected. The theory of international trade, on the other hand, is characterized by models that are mainly static. While the interest in the dynamics of trade has been growing, work in this area is still scarce. The success of the newly industrialized economies that have been adopting trade-oriented policies suggests how limited present trade theory is in explaining and analyzing the growth of these economies. The work collected here serves to bridge the "old" growth theory and "new" growth theory; merge growth and trade theory; suggest new analysis and techniques of economic growth; and provide analysis of new issues related to growth and trade.

Dynamics, Economic Growth, and International Trade

This paper analyzes Walrasian general equilibrium systems and calculates the static and dynamic solutions for competitive market equilibria. The Walrasian framework encompasses the basic multi-sector growth (MSG) models with neoclassical production technologies inN sectors (industries). The endogenous behavior of all the relative prices are analyzed in detail, as are sectorial allocations of the primary factors, labor and capital. Dynamic systems of Walrasian multi-sector economies and the family of solutions (time paths) for steady-state and persistent growth per capita are parametrically characterized. The technology parameters of the capital good industry are decisive for obtaining long-run per capita growth in closed (global) economies. Brief comments are offered on the MSG literature, together with apects on the studies of industrial (structural) evolution and economic history.

General equilibrium dynamics of multi-sector growth models

Preface. Introduction and Overview. Book I: Basic Economic Growth Models -- An Axiomatic Approach. 1. Basic laws of production. Part 1: Basic One-Sector Growth Models. 2. Classical growth models and homogeneity. 3. Classical growth models and minimal factor rewards. 4. Aggregate endogenous growth models. Synopsis of endogenous growth models. 5. Neoclassical growth models. 6. Keynesian growth models. Part 2: Basic Two-sector Growth Models. 7. Leontief technology and efficient factor utilization. 8. Flexible technologies and proportional saving. 9. Flexible technologies and classical saving. Synopsis of two-sector growth models. Final comments. Book II: Basic Dynamic Systems. 10. Homogeneous dynamics in the plane. 11. Linear and affine dynamics in the plane. 12. Quasi-homogeneous dynamics in the plane. 13. Discrete linear dynamics in the plane. Addendum: Growth and long-run stability. Bibliography: Book I. Bibliography: Book II. Index.

The Dynamic Systems of Basic Economic Growth Models

This paper analyses and solves miniature Walrasian general equilibrium systems of momentary and moving equilibria. The Walrasian framework encompasses the fundamental neoclassical and classical two-sector growth models; the regimes (families of solutions) of steady-state and persistent growth per capita in various competitive two-sector economies are parametrically characterized. Moreover, the endogenous behavior of relative prices and the sectorial allocation of primary factors are analyzed in detail. The technology parameters of the capital good industry are decisive for obtaining long-run per capita growth in closed (global) economies. A review of the literature complements the theorems on the general equilibrium allocations, the dynamic systems, and the time paths of Walrasian two-sector economies.

Walrasian General Equilibrium Allocations and Dynamics in Two‐Sector Growth Models

This book analyzes stochastic dynamic systems across a broad spectrum of economics and finance. The major unifying theme is the coherent and rigorous treatment of uncertainty and its implications for describing stochastic processes by the stochastic differential equations of the fundamental models in various fields. Pertinent subjects are interrelated, juxtaposed, and examined for consistency in theoretical and empirical contexts.

The volume consists of three parts: Developments in Stochastic Dynamics; Stochastic Dynamics in Basic Economic Growth Models; Intertemporal Optimization in Consumption, Finance, and Growth. Key topics include: fractional Brownian motion in finance; moment evolution of Gaussian and geometric Wiener diffusions; stochastic kinematics and stochastic mechanics; stochastic growth in continuous time; time delays and Hopf bifurcation; consumption and investment strategies; differential systems in finance and life insurance; uncertainty of technological innovations; investment and employment cycles; stochastic control theory and risk aversion.

Bjarne S. Jensen

Papers

Dynamics, Economic Growth, and International Trade

General equilibrium dynamics of multi-sector growth models

The Dynamic Systems of Basic Economic Growth Models

Walrasian General Equilibrium Allocations and Dynamics in Two‐Sector Growth Models

Stochastic Economic Dynamics