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Dynamical Methods in Economics [ LECON2600 ]


5.0 crédits ECTS  30.0 h  

Teacher(s) Camacho Pérez Maria del Carmen (compensates Boucekkine Raouf) ; Boucekkine Raouf ;
Language English
Place
of the course
Louvain-la-Neuve
Main themes The lectures start with a short characterization of the dynamic systems encountered in economics (differential or difference systems, discrete and continuous time systems, stochastic or deterministic), and introduce to the reso-lution techniques, with a special emphasis on differential systems. Stability theory is then developed in detail, including some advanced materiel (Lyapunov theory, local and global stability, linearization and the Hartman-Grobman theorem, Barbashin-Krasovskii theorem, Barbalat lemma…etc…). The lack of stability may give rise to irregular and even strange dynamics, and the third part of the course precisely develops the techniques al-lowing to detect such complex dynamics (bifurcation theory mainly). The last lectures are devoted to dynamic optimisation tools: calculus of variations and optimal control, plus some elementary notions on dynamic pro-gramming.
Aims This course is designed to rigorously present the main methods needed to analyze the standard models of eco-nomic dynamics. It principally emphasizes three major sets of methods : those needed for a proper study of sta-bility of dynamic systems, those usually applied to detect complex dynamics, and finally the optimization techniques in dynamic frameworks (specially optimal control). The final assessment will require the assimila-tion of both the theoretical foundations and the applied aspects related to these methods.
Content See previous outlines.
Other information Mathematics and Statistics for Economists Written A Detailed bibiography will be given for each theme tackled along the way. By the professor, no assistant assigned.
Cycle et année
d'étude
> Master [60] in Economics : General
> Master [120] in Economics: General
> Master [120] in Economics: Econometrics
Faculty or entity
in charge
> ECON


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