The Substitution of ICT Capital for Routine Labor: Transitional Dynamics and Long-Run Implications

2014 ◽  
Author(s):  
Maya Eden ◽  
Paul Gaggl
Keyword(s):  
Transitional Dynamics ◽  
Long Run

EVOLUTIONARY ALGORITHMS IN MACROECONOMIC MODELS

2000 ◽  
Vol 4 (3) ◽  
pp. 373-414 ◽  
Author(s):  
Jasmina Arifovic
Keyword(s):  
Evolutionary Algorithms ◽  
Rational Expectations ◽  
Evolutionary Dynamics ◽  
Equilibrium Selection ◽  
Transitional Dynamics ◽  
Rational Expectations Equilibrium ◽  
Macroeconomic Models ◽  
Stability Of Equilibria ◽  
Long Run

This paper provides a survey of the applications of evolutionary algorithms in macroeconomic models. Discussion is organized around the issues related to stability of equilibria, equilibrium selection, transitional dynamics, and the long-run evolutionary dynamics different from rational-expectations equilibrium outcomes. The survey also discusses criteria that can be used to evaluate the performance and usefulness of evolutionary algorithms in the macroeconomic context.

scholarly journals Transitional Dynamics in Aggregate Models of Innovative Investment

2019 ◽  
Vol 11 (1) ◽  
pp. 273-301 ◽  
Author(s):  
Andrew Atkeson ◽  
Ariel T. Burstein ◽  
Manolis Chatzikonstantinou
Keyword(s):  
Lessons Learned ◽  
Future Research ◽  
Aggregate Productivity ◽  
Transitional Dynamics ◽  
Entry Rate ◽  
Sufficient Statistics ◽  
Current State ◽  
Building Models ◽  
Long Run ◽  
The Impact

What quantitative lessons can we learn from models of endogenous technical change through innovative investments by firms for the impact of changes in the economic environment on the dynamics of aggregate productivity in the short, medium, and long run? We present a unifying model that nests several canonical models in the literature and characterize both their positive implications for the transitional dynamics of aggregate productivity and their welfare implications in terms of two sufficient statistics. We review the current state of measurement of these two sufficient statistics and discuss the range of positive and normative quantitative implications of our model for a wide array of counterfactual experiments, including the link between a decline in the entry rate of new firms and a slowdown in the growth of aggregate productivity. We conclude with a summary of the lessons learned from our analysis to help direct future research aimed at building models of endogenous productivity growth that are useful for quantitative analysis.

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.

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