Economic Growth and Human Capital: A Dynamic Stochastic General Equilibrium Modelling Approach for Colombia

2021 ◽  
Author(s):  
Clara Pardo ◽  
Alexander Cotte Poveda ◽  
Alejandro Rangel Correa
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
General Equilibrium ◽  
Dynamic Stochastic General Equilibrium ◽  
Dynamic Stochastic ◽  
General Equilibrium Modelling ◽  
Modelling Approach

scholarly journals A NOTE ON AN EXTENSION OF A CLASS OF SOLUTIONS TO DYNAMIC PROGRAMMING PROBLEMS ARISING IN ECONOMIC GROWTH

2011 ◽  
Vol 16 (3) ◽  
pp. 472-476 ◽  
Author(s):  
Jürgen Antony ◽  
Alfred Maußner
Keyword(s):  
Economic Growth ◽  
Dynamic Programming ◽  
General Equilibrium ◽  
Dynamic Stochastic General Equilibrium ◽  
Dsge Models ◽  
Dsge Model ◽  
Savings Rate ◽  
Dynamics And Control ◽  
Dynamic Stochastic ◽  
And Control

This note extends the findings of Benhabib and Rusticchini [Journal of Economic Dynamics and Control 18, 807–813 (1994)], who provide a class of dynamic stochastic general equilibrium (DSGE) models whose solution is characterized by a constant savings rate. We show that this class of models may be interpreted as a standard–representative agent DSGE model with costly adjustment of capital.

scholarly journals Estimating the Efficient Shocks' Share in Iran's Economic Growth Fluctuations (Dynamic Stochastic General Equilibrium Approach)

2020 ◽  
Vol 10 (38) ◽  
pp. 95-128
Author(s):  
Younes Goli ◽  
Sohrab Delangizan ◽  
Ali Falahati ◽  
◽  
◽  
...  
Keyword(s):  
Economic Growth ◽  
General Equilibrium ◽  
Dynamic Stochastic General Equilibrium ◽  
Equilibrium Approach ◽  
Dynamic Stochastic

scholarly journals Modelling productivity shocks and economic growth using the Bayesian dynamic stochastic general equilibrium approach

2018 ◽  
Vol 30 (11) ◽  
pp. 3229-3249 ◽  
Author(s):  
Anyu Liu ◽  
Haiyan Song ◽  
Adam Blake
Keyword(s):  
Economic Growth ◽  
General Equilibrium ◽  
Bayesian Method ◽  
Dynamic Stochastic General Equilibrium ◽  
Content Type ◽  
Tourism Sector ◽  
Productivity Shock ◽  
Equilibrium Approach ◽  
Dynamic Stochastic ◽  
Simulation Results

Purpose Most existing studies on the impact of tourism on economic growth adopt an econometric approach that is insufficient to confirm that tourism actually leads to economic growth. Moreover, it cannot explain the causalities of different variables. Taking Mauritius as an example, this study aims to use the dynamic stochastic general equilibrium approach to investigate the contribution of tourism to economic growth when there is a productivity shock in the tourism sector. Design/methodology/approach A two-sector, small, open economy is modelled under the dynamic stochastic general equilibrium framework. The model is estimated using the Bayesian method based on real tourism and macroeconomic data from Mauritius for the period from 1999 to 2014. The impulse response functions are used to simulate the contribution of tourism to economic growth when there is a productivity shock in the tourism sector. Findings The simulation results show that the Mauritian gross domestic product (GDP) would increase by 0.09 per cent if the productivity of tourism is improved by 1 per cent, indicating that tourism could lead to economic growth. Considering the average annual growth rate of the Mauritian GDP, the contribution of tourism to its economic growth is significant. Furthermore, the effects of tourism on economic growth are moderated by price elasticities in international tourism demand. Originality/value This is the first study that estimates the dynamic stochastic general equilibrium model using the Bayesian method in tourism economic field. By correcting the prior information with real tourism and macroeconomic data, the estimation and simulation results are more robust compared with the calibration method, which has been used frequently in tourism studies.

Interactive effects between monetary policy and fiscal policy based on dynamic stochastic general equilibrium model

2020 ◽  
pp. 1-12
Author(s):  
Ying Xie
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
General Equilibrium ◽  
Equilibrium Model ◽  
Control Policy ◽  
Dynamic Stochastic General Equilibrium ◽  
Economic Effects ◽  
Interactive Effects ◽  
Supply Side ◽  
Dynamic Stochastic

From the beginning to the end, monetary policy has focused too much on the control of the supply side. At present, the single supply-based monetary policy is ineffective. Therefore, it is urgent to change the current single direct supply-side regulation and control policy and replace it with a non-single and indirect control policy that combines supply and demand. Based on machine learning algorithms, this paper constructs a monetary policy analysis model based on dynamic stochastic general equilibrium methods to analyze the interactive effects of monetary policy and other policies. Moreover, this paper uses the dynamic stochastic general equilibrium model to simulate and analyze the economic effects of fiscal policy. In addition, this paper compares the economic effects of monetary policy and other policies and conducts verification and analysis through actual data. The obtained results show that the model constructed in this paper achieves the expected effect.

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