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Differentiation and Integration
Numerical derivatives and integrals are basic components of virtually every algorithm discussed in this book. The first part of this chapter presents...
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Function Approximation
There are numerous instances in which we need to approximate functions of one or several variables. Examples include the perturbation methods...
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Perturbation Methods: Model Evaluation and Applications
This chapter introduces readers to two standard tools for evaluating the solution of a dynamic stochastic general equilibrium (DSGE) model: second...
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Multi-Dimensional Models for Spatial Panels
Spatial econometric models are widely used to formalize interactions in geographical space or along networks. When applied to panel data, the...
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Fixed Effects Models
In recent years the massive emergence of multi-dimensional panels has led to an increasing demand for more sophisticated model formulations with...
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Modeling Digital Television Service Quality and Testing the Relationship Between Service Quality and Behavioral Intention: The Mediating Role of Satisfaction
The purpose of this research was to examine the mediation impact of customer satisfaction on the relationship between service quality and customer...
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Multi-period Portfolio Optimisation Using a Regime-Switching Predictive Framework
Regime-switching poses both problems and opportunities for portfolio managers. If a switch in the behaviour of the markets is not quickly detected it...
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Perturbation Methods: Solutions
This chapter presents examples of the perturbation solutions of the canonical dynamic stochastic general equilibrium (DSGE) model introduced in Chap....
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Dynamics of the Distribution Function
This chapter presents methods for computing the dynamics of an economy that is populated by heterogeneous agents. The law of motion for the...
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Nonparametric Models with Random Effects
This chapter considers the three-dimensional nonparametric models with random effects, and proposes pooled local linear and two-step estimators for...
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Strategies of Differentiation and Sustainable Tourism: The Case of the Gulf Countries
The Gulf Cooperation Council (GCC) states are the most competitive touristic destinations in the Middle East and North Africa, mostly due to their...
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Simulation-Based Methods
This chapter presents methods that combine stochastic simulation with other numerical tools to find approximate solutions on the model’s ergodic set....
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Problems with Explanatory Variables: Random Variables, Collinearity, and Instability
The multiple regression model supposes that the explanatory variables are (i) independent of the error term and (ii) are linearly independent. This...
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Time Series Data
When having time series data, there are many challenges that we can meet. This chapter covers the main issues, and relevant tests, for stationarity,...
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Simple Linear Regression
This chapter covers an introduction to simple linear regression. This extends the concept of correlation from Chapter 3...
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Consumption and Portfolio Rules
In this chapter we study the portfolio choices of risk-averse individuals. We assume that there are n-risky assets and one risk-free asset. From the...
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Fiscal Operations in a Nation That Issues Its Own Currency
In this chapter we will begin to examine our next topic: government spending, taxing, interest rate setting, and bond issue—that is, we will examine...
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Monetary and Fiscal Policy for Sovereign Currencies: What Should Government Do?
In this chapter we will turn to what government ought to do. This chapter will specifically treat only sovereign government—one that issues its own...
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Policy for Full Employment and Price Stability
In this chapter we will examine policy that will promote full employment with price stability. Most economists believe that full employment and price...
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The Basics of Macroeconomic Accounting
In this chapter we are going to begin to build the necessary foundation to understand modern money. Please bear with us. It may not be obvious at...