Numerical Solution Methods

Alfonso Novales, Esther Fernández and Jesus Ruiz

Chapter Chapter 5 in Economic Growth, 2014, pp 203-266 from Springer

Abstract: Abstract To learn about the causes of aggregate fluctuations is one of the basic goals of Macroeconomics. One of the main characteristics of aggregate fluctuations is that business cycles are neither regular nor predictable. Because of that, most economists consider that there are different shocks impinging on the economy, which are different in nature and intensity. These shocks do not follow a known pattern. Observed fluctuations in actual economies are the result of such shocks and the propagation mechanisms associated to them. There are different schools of thought in Macroeconomics whose main difference relates to the type of specific shocks which are accountable for economic fluctuations as well as in the description of their propagation mechanisms.

Keywords: Conditional Expectation; Global Constraint; Productivity Shock; Technology Shock; Optimal Growth Model (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/978-3-642-54950-2_5

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