Some macroeconomics for the 21st century

Article Abstract:

There is a need for models that explain strong global economic growth from 1960 to 1990. The Tamura model which explains global income dynamics, can be simplified, and is a useful tool. The model can help to understand changes in per capita income in the 19th and 20th centuries. There is a spread from the leading economy as diffusion occurs, and inequality also increases. This trend toward inequality could be reversed as more countries industrialized, so that most countries will be both rich and enjoying economic growth.

Forecasts and trends, Economics, Developing countries

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Low frequency filtering and real business cycles

Article Abstract:

An analysis of the Hodrick-Prescott filter is presented. The analysis considers time and frequency domain perspectives and motivates the filter as a generalization of an exponential smoothing filter. It is shown that filter application to large samples generates a centered fourth difference which positions stationary time series that are 'difference-stationary' and of a higher order.

Research, Usage, Business cycles, Filters (Mathematics), Mathematical filters

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