Solow's Harrod: Transforming macroeconomic dynamics into a model of long-run growth

2015 ◽  
Vol 23 (4) ◽  
pp. 561-596 ◽  
Author(s):  
Verena Halsmayer ◽  
Kevin D. Hoover
Keyword(s):  
Macroeconomic Dynamics ◽  
Long Run

scholarly journals Banks Credit, Macroeconomic Dynamics and the Performance of Small and Medium Scale Enterprises in Nigeria: A Non-Linear ARDL Approach

2020 ◽  
Vol 5 (1) ◽  
Author(s):  
Peter Ayunku ◽  
Gamaliel O. Eweke
Keyword(s):  
Small And Medium Enterprises ◽  
Annual Data ◽  
Macroeconomic Dynamics ◽  
Medium Scale ◽  
Long Run ◽  
Non Linear ◽  
Augmented Dickey Fuller ◽  
Short Run ◽  
Medium Enterprises ◽  
The Impact

This paper examines the impact of banks credit and macroeconomic dynamics on Small and Medium Scale Enterprises in Nigeria using annual data from 1992 – 2016. The long-run and short-run relationship amongst the variables were examined via the non-linear ARDL model. The Augmented Dickey Fuller (ADF) and Philip Perron’s (PP) test reveals that none of the variables were I(2). The Bounds test to cointegration confirms the existence of a long-run relationship. The non-linear ARDL results suggests that in both long and short-run estimations, that a rise in banks credit, government tax revenue and negative shocks in interest rate, inflation rate and exchange rate will trigger a fall in SMEs performance in Nigeria. Furthermore, it was observed that negative shocks tend to be larger in magnitude than positive ones. This study therefore recommends amongst others, that loans to the small and medium enterprises (SMEs) sector be monitored properly, so as to ensure that such loans are not channelled to other purposes.

HETEROGENEITY IN INFLATION EXPECTATIONS AND MACROECONOMIC DYNAMICS UNDER EVOLUTIONARILY SATISFICING LEARNING

2020 ◽  
pp. 1-33
Author(s):  
Jaylson Jair da Silveira ◽  
Gilberto Tadeu Lima
Keyword(s):  
Empirical Evidence ◽  
Output Growth ◽  
Inflation Expectations ◽  
Forecast Errors ◽  
Time Varying ◽  
Macroeconomic Dynamics ◽  
Inflation Forecasting ◽  
Long Run ◽  
Ex Ante ◽  
Long Run Equilibrium

Drawing on the empirical evidence that heterogeneity in inflation expectations is persistent and endogenously time-varying, we embed two inflation forecasting strategies—one based on costly ex ante perfect foresight, and the second based on costless ex ante extrapolative trend-following—in a macrodynamic model. Drawing also on the empirical evidence that inflation forecast errors may have to exceed some threshold before agents abandon their previously selected forecasting strategy, we describe agents as switching between forecasting strategies according to evolutionarily satisficing learning. Convergence to a long-run equilibrium consistent with output growth, unemployment and inflation at their natural levels may be achieved even if heterogeneity in inflation forecasting strategies (with predominance of the extrapolative foresight strategy) is an attractor of an evolutionarily satisficing dynamic perturbed by mutant agents. Thus, in keeping with the empirical evidence, heterogeneity in strategies to form inflation expectations (with prevalence of bounded rationality) can be a stable long-run equilibrium.

scholarly journals CRITICAL REVIEW : Inflasi dan Pertumbuhan Jangka Panjang : Sebuah Teori Baru Keynesian dan Bukti semiparametrik Lanjut

2017 ◽  
Author(s):  
Anto Ariyanto
Keyword(s):  
Critical Review ◽  
World Economy ◽  
New Keynesian ◽  
Macroeconomic Dynamics ◽  
Keynesian Theory ◽  
Long Run ◽  
The World

Tulisan ini bersumber dari jurnal Macroeconomic Dynamics, 16, 2012, 94–132. Judul yang review berjudul “Inflation and Growth in the Long Run: A New Keynesian Theory and Further Semiparametric Evidence “ ditulis oleh Andrea Vaona dari University of Verona and Kiel Institute for the World Economy yang dipublikasikan pada tahun 2012.

Finn Kydland and Edward Prescott: Driving Forces behind Economic Cycles (2004 Nobel Prize in Economics)

2005 ◽  
pp. 133-143 ◽  
Author(s):  
E. Balashova
Keyword(s):  
Nobel Prize ◽  
Driving Forces ◽  
Microeconomic Theory ◽  
Business Cycle Theory ◽  
Economic Cycles ◽  
Cyclical Fluctuations ◽  
Long Run ◽  
Time To Build ◽  
New Business ◽  
Extensive Research Program

The method of analyzing and modeling cyclical fluctuations of economy initiated by F. Kydland and E. Prescott - the 2004 Nobel Prize winners in Economics - is considered in the article. They proposed a new business cycle theory integrating the theory of long-run economic growth as well as the microeconomic theory of consumers and firms behavior. Simple version of general dynamic and stochastic macroeconomic model is described. The given approach which was formulated in their fundamental work "Time to Build and Aggregate Fluctuations" (1982) gave rise to an extensive research program and is still used as a basic instrument for investigating cyclical processes in economy nowadays.

Turbulence of Economic Processes: Theoretical Aspects

2009 ◽  
pp. 90-97 ◽  
Author(s):  
V. Burlachkov
Keyword(s):  
Economic System ◽  
Process Approach ◽  
Lorentz Transformations ◽  
Macroeconomic Dynamics ◽  
Turbulence Analysis

The article discusses turbulence of economic processes as a result of relative velocities of economic system elements. It is underlined that turbulence is the property of macroeconomic dynamics. The main reason of turbulence in economic system is the discrepancy between the velocity of deals contracting and the velocity of obligations executing. The process approach to the analysis of economic system as a set of processes is proposed. Using Lorentz transformations for turbulence analysis is discussed.

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