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Table Of Contents

2.1 Overview
2.2 Indirect Utility
2.2.1 Consumers
2.2.2 Firms
2.3 Dynamic Optimization: A Cake Eating Ex-
2.3.1 Direct Attack
2.3.2 Dynamic Programming Approach
2.4 Some Extensions of the Cake Eating Problem
2.4.1 Infinite Horizon
2.4.2 Taste Shocks
2.4.3 Discrete Choice
2.5 General Formulation
2.5.1 Non-Stochastic Case
2.5.2 Stochastic Dynamic Programming
2.6 Conclusion
Numerical Analysis
3.1 Overview
3.2 Stochastic Cake Eating Problem
3.2.1 Value Function Iterations
3.2.2 Policy Function Iterations
3.2.3 Projection Methods
3.3 Stochastic Discrete Cake Eating Problem
3.3.1 Value Function Iterations
3.4 Extensions and Conclusion
3.4.1 Larger State Spaces
3.A Additional Numerical Tools
3.A.1 Interpolation Methods
3.A.2 Numerical Integration
3.A.3 How to Simulate the Model
Econometrics
4.1 Overview
4.2 Some Illustrative Examples
4.2.1 Coin Flipping
4.2.2 Supply and Demand Revisited
4.3 Estimation Methods and Asymptotic Proper-
4.3.1 Generalized Method of Moments
4.3.2 Maximum Likelihood
4.3.3 Simulation Based Methods
4.4 Conclusion
Stochastic Growth
5.1 Overview
5.2 Non-Stochastic Growth Model
5.2.1 An Example
5.2.2 Numerical Analysis
5.3 Stochastic Growth Model
5.3.1 Environment
5.3.2 Bellman’s Equation
5.3.3 Solution Methods
5.3.4 Decentralization
5.4.1 Planner’s Dynamic Programming Problem
5.4.2 Numerical Analysis
5.5 Confronting the Data
5.5.1 Moments
5.5.2 GMM
5.5.3 Indirect Inference
5.5.4 Maximum Likelihood Estimation
5.6 Some Extensions
5.6.1 Technological Complementarities
5.6.2 Multiple Sectors
5.6.3 Taste Shocks
5.6.4 Taxes
5.7 Conclusions
Consumption
6.1 Overview and Motivation
6.2 Two-Period Problem
6.2.1 Basic Problem
6.2.2 Stochastic Income
6.2.3 Portfolio Choice
6.2.4 Borrowing Restrictions
6.3.1 Bellman’s equation for the Infinite Horizon Probem
6.3.2 Stochastic Income
6.3.3 Stochastic Returns: Portfolio choice
6.3.4 Endogenous Labor Supply
6.3.5 Borrowing Constraints
6.3.6 Consumption Over the Life Cycle
6.4 Conclusion
Durable Consumption
7.1 Motivation
7.2 Permanent Income Hypothesis Model of Durable
7.2.1 Theory
7.2.2 Estimation of a Quadratic Utility Specification
7.2.3 Quadratic Adjustment Costs
7.3 Non Convex Adjustment Costs
7.3.1 General Setting
7.3.2 Irreversibility and Durable Purchases
7.3.3 A Dynamic Discrete Choice Model
Investment
8.1 Overview/Motivation
8.2 General Problem
8.3 No Adjustment Costs
8.4 Convex Adjustment Costs
8.4.1 Q Theory: Models
8.4.2 Q Theory: Evidence
8.4.3 Euler Equation Estimation
8.4.4 Borrowing Restrictions
8.5 Non-Convex Adjustment: Theory
8.5.1 Non-convex Adjustment Costs
8.5.2 Irreversibility
8.6 Estimation of a Rich Model of Adjustment
8.6.1 General Model
8.6.2 Maximum Likelihood Estimation
8.7 Conclusions
9.1 Motivation
9.2 General Model of Dynamic Labor Demand
9.3 Quadratic Adjustment Costs
9.4 Richer Models of Adjustment
9.4.1 Piecewise Linear Adjustment Costs
9.4.2 Non-Convex Adjustment Costs
9.4.3 Asymmetries
9.5 The Gap Approach
9.5.1 Partial Adjustment Model
9.5.2 Measuring the Target and the Gap
9.6 Estimation of a Rich Model of Adjustment
9.7 Conclusions
10.1 Overview/Motivation
10.2 Price Setting
10.2.1 Optimization Problem
10.2.2 Evidence on Magazine Prices
10.2.3 Aggregate Implications
10.3 Optimal Inventory Policy
10.3.1 Inventories and the Production Smoothing Model
10.4 Capital and Labor
10.5 Technological Complementarities: Equilib-
10.6 Search Models
10.6.1 A Simple Labor Search Model
10.6.2 Estimation of the Labor Search Model
10.6.3 Extensions
10.7 Conclusions
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Dynamic Economics Quantitative Methods and Applications

Dynamic Economics Quantitative Methods and Applications

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Published by Liyou Borga

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Published by: Liyou Borga on Sep 07, 2011
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