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Phase diagrams are a popular technique that allow us to see the joint dynamics of two variables. Many models in economics can be boiled down to two variables so this method is widely used. Let’s start with a very general example x_ = g (x;y) @g @x <0 @g @y <0 y_ = f (x;y) @f @x <0 @f @y >0 where g and f are continuous di erentiable functions.
Phase Diagrams • How analyze (ODE)? In one-dimensional case (scalar x): use phase-diagram • Two possible phase-diagrams: (i) in (λ,k)-space: more general strategy. (ii) in (c,k)-space: nicer in terms of the economics. • For (i), use U′(c) = λ or c = (U′)−1(λ) to write (ODE) as λ˙ = λ(ρ+δ −F′(k)) k˙ = F(k)−δk −(U ...
Lecture 1: Overview, Hamiltonians and Phase Diagrams. ECO 521: Advanced Macroeconomics I. Benjamin Moll. Princeton University, Fall 2016. Course Overview. Two Parts: Substance: income and wealth distribution in macroeconomics. Tools: continuous time methods. Everything is flexible, feedback very useful! Substance: Where I’m going.
20 sie 2023 · The interactive model of communication is a two-way process of exchanging ideas, messages, and information. It involves an active exchange between two or more parties, where each party takes turns as the sender and receiver of the message.
Benjamin Moll. Harvard University, Spring 2018. Plan. Admin. Overview – what do I mean by “Distributional Macroeconomics”? Hamiltonians and Phase Diagrams. Course Structure. Two Parts: Substance: distributional macroeconomics. Tools: continuous time methods. Everything is flexible, feedback very useful! Lectures.
11 lip 2019 · The phase diagram is a representation on the (c, k) plane of all the stationary points for c and k. This is, we plot all (c, k) combinations such that c is constant, and all the (c, k) combinations such that k is constant. The set of points (c, k) implying a constant consumption is called the c -locus. Similarly, we have the k -locus.
By their very nature, phase diagrams are a feature of dynamic systems. But why have phase diagrams so dominated modern economics? Quite clearly it is because more emphasis is now placed on dynamics than in the past. Com-parative statics dominated economics for a long time, and much of the teaching is still concerned with comparative statics.
