Transitional Dynamics in Monetary Economies: Numerical Solutions

In the previous chapter we have characterized dynamic optimality conditions for monetary economies, but we have only evaluated the steady-state effects of monetary policy. To complete the analysis, this chapter is devoted to characterizing the transitiona

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Alfonso Novales Esther Fernández Jesús Ruiz

Economic Growth Theory and Numerical Solution Methods Second Edition

Springer Texts in Business and Economics

For further volumes: http://www.springer.com/series/10099

Alfonso Novales • Esther Fernández • Jesús Ruiz

Economic Growth Theory and Numerical Solution Methods

Second Edition

123

Alfonso Novales Esther Fernández Jesús Ruiz Department of Quantitative Economics Complutense University of Madrid Pozuelo de Alarcón Madrid Spain

Additional material to this book can be downloaded from https://www.ucm.es/fundamentosanalisis-economico2/growth-textbook

ISSN 2192-4333 ISSN 2192-4341 (electronic) ISBN 978-3-642-54949-6 ISBN 978-3-642-54950-2 (eBook) DOI 10.1007/978-3-642-54950-2 Springer Heidelberg New York Dordrecht London Library of Congress Control Number: 2014943910 c Springer-Verlag Berlin Heidelberg 2014  This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)

Preface to the Second Edition

Central Banks and Economic Offices advising governments increasingly rely on the use of dynamic, stochastic, general equilibrium growth models based on an optimizing behavior of the different agents in the economy, to obtain predictions on the effects of alternative economic policies on the main economic aggregates. This book