An Introduction to Economic Dynamics: Modelling, Analysis and Simulation

An Introduction to Economic Dynamics provides a framework for students to understand and experiment with economic models using simulation techniques in MATLAB®. It covers ten well-established macroeconomic models, guiding readers through the dynamical systems behind each model and offering solutions using simulation and visualisation in MATLAB®. The book is ideal for courses in economic dynamics, macroeconomic modelling, and computational economics, as well as for students of finance, mathematics, and engineering interested in economic models.

Format: Hardback
Length: 238 pages
Publication date: 31 March 2023
Publisher: Taylor & Francis Ltd

An Introduction to Economic Dynamics offers a comprehensive framework for students to gain a deeper appreciation and understanding of economic models. By employing simulation techniques in MATLAB®, this textbook empowers students to experiment with these models and explore their underlying principles. Unlike other texts that primarily focus on elucidating static equilibrium models, this book goes beyond that limited scope. Comparative static analysis, which restricts students from questioning how equilibrium positions are attained from initial out-of-equilibrium positions, hinders their comprehension of the dynamics underlying such analysis. In this textbook, readers are introduced to ten well-established macroeconomic models, including Keynesian multiplier models, Samuelson's multiplier, and Solow's growth model. Each chapter begins with an overview of the economic problem the model aims to address, followed by an explanation of the mathematical principles governing the model. Solutions are presented using simulation and visualisation techniques in MATLAB®, seamlessly integrated with the analysis. These techniques are introduced in a step-by-step manner to guide the reader through the process. Appendices provide an introduction to MATLAB® and include all the necessary codes.

This book is highly suitable for courses in economic dynamics, macroeconomic modelling, and computational economics, as well as for students of finance, mathematics, and engineering with an interest in economic models. By delving into these models and their dynamics, students will develop a stronger grasp of economic principles and their practical applications. The use of MATLAB® in the textbook enhances the learning experience by providing a powerful tool for simulation and visualisation, enabling students to apply theoretical concepts in a hands-on manner.

In conclusion, An Introduction to Economic Dynamics is a valuable resource for students seeking to expand their knowledge of economic models and their applications. With its comprehensive coverage, engaging presentation, and practical integration of MATLAB®, this textbook equips students with the skills and knowledge necessary to thrive in the field of economics and beyond.

Dimension: 234 x 156 (mm)
ISBN-13: 9780367341909