understanding consumption clarendon lectures in economics

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Understanding Consumption

Author : Angus Deaton
ISBN : 9780198288244
Genre : Biography & Autobiography
File Size : 74. 47 MB
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An overview of the saving and consumption patterns of households

Economics And Consumer Behavior

Author : Angus Deaton
ISBN : 0521296765
Genre : Business & Economics
File Size : 37. 57 MB
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The idea of duality has proved to be a powerful device in modern work on the economics of consumer behaviour. The authors have used duality to provide an integrated and accessible treatment of this subject. The book focuses on applications of the theory to welfare economics and econometric analysis. The book begins with four chapters that provide a self-contained presentation of the basic theory and its use in applied econometrics. These chapters also include elementary extensions of the theory to labour supply, durable goods, the consumption function, and rationing. The rest of the book is divided into three parts. In the first of these the authors discuss restrictions on choice and aggregation problems. The next part consists of chapters on consumer index numbers; household characteristics, demand, and household welfare comparisons; and social welfare and inequality. The last part extends the coverage of consumer behaviour to include the quality of goods and household production theory, labour supply and human capital theory, the consumption function and intertemporal choice, the demand for durable goods, and choice under uncertainty.

Understanding Dsge Models

Author : Celso Jose Costa Junior
ISBN : 9781622730384
Genre : Business & Economics
File Size : 28. 30 MB
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While the theoretical development of DSGE models is not overly difficult to understand, practical application remains somewhat complex. The literature on this subject has some significant obscure points. This book can be thought of, firstly, as a tool to overcome initial hurdles with this type of modeling. Secondly, by showcasing concrete applications, it aims to persuade incipient researchers to work with this methodology. In principle, this is not a book on macroeconomics in itself, but on tools used in the construction of this sort of models. It strives to present this technique in a detailed manner, thereby providing a step by step course intended to walk readers through this otherwise daunting process. The book begins with a basic Real Business Cycle model. Subsequently various frictions are gradually incorporated into a standard DSGE model: imperfect competition; frictions in prices and in wages ; habit formation; non-Ricardian agents; adjustment cost in investment; costs of not using the maximum installed capacity; and finally, Government.

Globalization And Regional Economic Modeling

Author : Russel Cooper
ISBN : 9783540724445
Genre : Business & Economics
File Size : 28. 61 MB
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Globalization affects regional economies in a broad spectrum of aspects, from labor market conditions and development policies to climate change. This volume, written by an international cast of eminent regional scientists, provides new tools for analyzing the enormous changes in regional economies due to globalization. It offers timely conceptual refinements for regional analysis.

Applied Economics

Author :
ISBN : 9781349142507
Genre : Economics
File Size : 21. 86 MB
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Economic Policy

Author : Agnès Bénassy-Quéré
ISBN : 9780195322736
Genre : Business & Economics
File Size : 87. 41 MB
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Is the inflation objective of the European central bank set too low? Is European national debt excessive? Is a fixed or floating exchange rate better? Which taxes should be reformed? Can the European standard of living catch up with that of the United States? This book, a translation of a book published in French (de Boeck, 2004), brings precisely argued answers to these questions using rigorous economic analysis. The authors join together for the first time in one volume the fundamentals of the macroeconomic field with analysis of current debates in economic policy. They take the point of view of a policy maker who must intervene in one particular aspect of policy, and thus they put the reader at the cutting edge of the main issues, debates and challenges related to each policy aspect. Economic Policy explores in an open-ended way what various existing theories, macro and micro, have to say on these current policies, and points out the limits of each theory. Overall, it demonstrates to the reader how he or she can build upon the combination of existing theories and also on common sense in order to design adequate policy responses. The work will appeal to a large audience, including students in economics, management, and political science graduate schools, and professional economists and policy makers interested in issues in macroeconomics.

Understanding Financial Crises

Author : Franklin Allen
ISBN : 9780199251421
Genre : Business & Economics
File Size : 30. 65 MB
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What causes a financial crisis? Can crises be anticipated or even avoided? Should governments & international institutions intervene? Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises & use the latest economic theories to begin to understand the causes & consequences.

Strategic Asset Allocation

Author : John Y. Campbell
ISBN : 9780191606915
Genre : Business & Economics
File Size : 66. 3 MB
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Academic finance has had a remarkable impact on many financial services. Yet long-term investors have received curiously little guidance from academic financial economists. Mean-variance analysis, developed almost fifty years ago, has provided a basic paradigm for portfolio choice. This approach usefully emphasizes the ability of diversification to reduce risk, but it ignores several critically important factors. Most notably, the analysis is static; it assumes that investors care only about risks to wealth one period ahead. However, many investors—-both individuals and institutions such as charitable foundations or universities—-seek to finance a stream of consumption over a long lifetime. In addition, mean-variance analysis treats financial wealth in isolation from income. Long-term investors typically receive a stream of income and use it, along with financial wealth, to support their consumption. At the theoretical level, it is well understood that the solution to a long-term portfolio choice problem can be very different from the solution to a short-term problem. Long-term investors care about intertemporal shocks to investment opportunities and labor income as well as shocks to wealth itself, and they may use financial assets to hedge their intertemporal risks. This should be important in practice because there is a great deal of empirical evidence that investment opportunities—-both interest rates and risk premia on bonds and stocks—-vary through time. Yet this insight has had little influence on investment practice because it is hard to solve for optimal portfolios in intertemporal models. This book seeks to develop the intertemporal approach into an empirical paradigm that can compete with the standard mean-variance analysis. The book shows that long-term inflation-indexed bonds are the riskless asset for long-term investors, it explains the conditions under which stocks are safer assets for long-term than for short-term investors, and it shows how labor income influences portfolio choice. These results shed new light on the rules of thumb used by financial planners. The book explains recent advances in both analytical and numerical methods, and shows how they can be used to understand the portfolio choice problems of long-term investors.

Game Theory And Economic Modelling

Author : David M. Kreps
ISBN : 9780198283812
Genre : Mathematics
File Size : 35. 13 MB
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This book examines why game theory has become such a popular tool of analysis. It investigates the deficiencies in this methodology and goes on to consider whether its popularity will fade or remain an important tool for economists. The book provides the reader with some basic concepts from noncooperative theory, and then goes on to explore the strengths, weaknesses, and future of the theory as a tool of economic modelling and analysis. All those interested in the applications of game theory to economics, from undergraduates to academics will find this study of particular value.

Macro Markets

Author : Robert J. Shiller
ISBN : 9780191521652
Genre : Business & Economics
File Size : 36. 68 MB
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Macro Markets puts forward a unique and authoritative set of detailed proposals for establishing new markets for the management of the biggest economic risks facing society. Our existing financial markets are seen as being inadequate in dealing with such risks and Professor Shiller suggests major new markets as solutions to the problem. Shiller argues that although some risks, such as natural disaster or temporary unemployment, are shared by society, most risks are borne by the individual and standards of living determined by luck. He investigates whether a new technology of markets could make risk-sharing possible, and shows how new contracts could be designed to hedge all manner of risks to the individual's living standards. He proposes new international markets for perpetual claims on national incomes, and on components and aggregates of national incomes, concluding that these markets may well dwarf our stock markets in their activity and significance. He also argues for new liquid international markets for residential and commercial property. Establishing such unprecedented new markets presents some important technical problems which Shiller attempts to solve with proposals for implementing futures markets on perpetual claims on incomes, and for the construction of index numbers for cash settlement of risk management contracts. These new markets could fundamentally alter and diminish international economic fluctuations, and reduce the inequality of incomes around the world.

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