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of the models, the various meta-theoretical strategies of how the models should be related to reality often remain … implicit. Differences in the epistemological foundations of models makes it, however, difficult to relate distinct models to … knowledge about reality by the means of one's model and that helps to relate models to each other. Because the interpretation of …
Persistent link: https://www.econbiz.de/10011779880
In this paper the authors report the results of the estimation of a rich dynamic stochastic general equilibrium (DSGE) model of the U.S. economy with both stochastic volatility and parameter drifting in the Taylor rule. They use the results of this estimation to examine the recent monetary...
Persistent link: https://www.econbiz.de/10009475410
The evolution of economic phenomena do not evolve as linear trajectories, and trajectories can be nonlinear. Analysis …
Persistent link: https://www.econbiz.de/10010635309
of the models, the various meta-theoretical strategies of how the models should be related to reality often remain … implicit. Differences in the epistemological foundations of models makes it, however, difficult to relate distinct models to … knowledge about reality by the means of one's model and that helps to relate models to each other. Because the interpretation of …
Persistent link: https://www.econbiz.de/10011752638
of scientific models, in spite of initial misunderstandings and rejections. Considering that complexity, uncertainty and …Complexity, uncertainty and irreversibility are notions generated in natural sciences, where they have induced a change … sciences, attempts to (re)construct their role in social sciences, especially economics and economic models. It is difficult to …
Persistent link: https://www.econbiz.de/10010633342
urgency to adopt a different methodology, grounded on a realistic set of initial assumptions able to cope with the complexity … logical principle to highlight the strict logic and simplicity of neoclassical economics; neoclassical models, however, are … powerful heuristic tool to emphasise parsimony, building up models grounded on realistic initial assumptions and capable of …
Persistent link: https://www.econbiz.de/10012616917
urgency to adopt a different methodology, grounded on a realistic set of initial assumptions able to cope with the complexity … logical principle to highlight the strict logic and simplicity of neoclassical economics; neoclassical models, however, are … powerful heuristic tool to emphasise parsimony, building up models grounded on realistic initial assumptions and capable of …
Persistent link: https://www.econbiz.de/10015387064
"The classical economists were primarily engaged in analysis of the wonder that is production. The marginalists, while laying the foundation of mathematical economics, shifted its focus to rational behavior of a single consumer, presumably because there they found a problem readily amenable to...
Persistent link: https://www.econbiz.de/10009468398
designed to create the incentive systems of alternative market and nonmarket economic institutions, allowing the researcher to … examine propositions related to static equilibrium theory, dynamic learning models, and individual choice theory. Economic …
Persistent link: https://www.econbiz.de/10009468447
place. The proposed open-source financial risk model separates the dual function that internal risk models perform within … financial institutions, first to attempt to optimize the risk-return profile of mostly private economic rent-seeking entities …
Persistent link: https://www.econbiz.de/10011163501