Search results
Results from the WOW.Com Content Network
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
The main objective of the model decides its size. In the current scenario there is an increasing interest in the use of these large-scale macroeonometric models for theory evaluation, impact analysis, policy simulation and forecasting purposes. [3] Large-scale macroeconometric models were criticized by Robert Lucas in his critique. Lucas argued ...
Basic tools of econophysics are probabilistic and statistical methods often taken from statistical physics.. Physics models that have been applied in economics include the kinetic theory of gas (called the kinetic exchange models of markets [7]), percolation models, chaotic models developed to study cardiac arrest, and models with self-organizing criticality as well as other models developed ...
Disequilibrium macroeconomics is a tradition of research centered on the role of deviation from equilibrium in economics.This approach is also known as non-Walrasian theory, equilibrium with rationing, the non-market clearing approach, and non-tâtonnement theory. [1]
Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. [1]
In fluid mechanics, non-dimensionalization of the Navier–Stokes equations is the conversion of the Navier–Stokes equation to a nondimensional form.This technique can ease the analysis of the problem at hand, and reduce the number of free parameters.
Hubbert's theory is used to predict when a resource will reach its peak of production by studying past resource discovery and production trends. Peak Oil advocates often show only crude oil production which may have set a global peak in 2005. Backstop resource theory maintains that alternatives will be developed as they are needed.
In economics, a Swan Diagram, also known as the Australian model (because it was originally published by Australian economist Trevor Swan [1] in 1956 to model the Australian economy during the Great Depression), represents the situation of a country with a currency peg.