Dynamic Modeling, Empirical Macroeconomics, and Finance
Essays in Honor of Willi Semmler

Editors: Lucas Bernard, Unurjargal Nyambuu



Offers a collection of contributions to macroeconomic modeling, dynamic optimization, empirical finance, and related topics

Provides a compendium of cutting-edge methodologies

Of special interest to applied mathematicians working on social science applications

This edited volume, with contributions by area experts, offers discussions on a range of evolving topics in economics and social development. At center are important issues central to sustainable development, economic growth, technological change, the economics of climate change, commodity markets, long wave theory, non-linear dynamic models, and boom-bust cycles. This is an excellent reference for academic and professional economists interested in emerging areas of empirical macroeconomics and finance. For policy makers and curious readers alike, it is also an outstanding introduction to the economic thinking of those who seek a holistic and all-compassing approach in economic theory and policy.  Looking into new data and methodology, this book offers fresh approaches in a post-crisis environment. Set in a profound understanding of the diverse currents within the many traditions of economic thought, this book pushes the established frontiers of economic thinking. It is dedicated to a leading scholar in the areas covered in this book, Willi Semmler.

Table of contents

Front Matter
Pages i-xi

Theory and Practice in a Sensible Economic Policy Mix: A Glance at Willi Semmler’s Contributions to Empirical Macroeconomics
Pages 1-11

Iran’s Nuclear Program and the West’s Response: A Game Theoretic Approach
Pages 13-34

From the Great Divergence to the Great Convergence
Pages 35-88

Borrowing Constraints and Monetary Policy: The Inflation Tax-Net Worth Channel
Pages 89-120

Modeling Climate Change Effects on Renewable and Non-Renewable Resources
Pages 121-136

A North-South Model with Technological Spillovers, Environmental Degradation and Structural Change
Pages 137-161

Foreign Exchange Volatility and its Implications for Macroeconomic Stability: An Empirical Study of Developing Economies
Pages 163-182

Keynes’ Microeconomics of Output and Labor Markets
Pages 183-194

“Wavelet-Based” Early Warning Signals of Financial Stress: An Application to IMF’s AE-FSI
Pages 195-220

Corporate Liquidity under Financial Constraints and Macroeconomic Uncertainty
Pages 221-259

Might Tobin be Right?
Pages 261-287

Business Confidence and Macroeconomic Dynamics in a Nonlinear Two-Country Framework with Aggregate Opinion Dynamics
Pages 289-310

Self-Falsifying Prophecies
Pages 311-324

Back Matter
Pages 325-325

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