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Mathematical Models of Economic Systems
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Mathematical Models of Economic Systems

A special issue of Systems (ISSN 2079-8954).

Deadline for manuscript submissions: closed (15 May 2019) | Viewed by 14722

Special Issue Editors

Dr. Pavel Pražák

E-Mail Website
Guest Editor
Department of Informatics and Quantitative Methods, University of Hradec Králové, Rokitanského 62, 50003 Hradec Králové, Czech Republic
Interests: Optimization Methods; Optimal Control Theory
Prof. Dr. Vladimír Bureš

E-Mail Website
Guest Editor
Faculty of Informatics and Management, University of Hradec Králové, Rokitanského 62, 50003 Hradec Králové, Czech Republic
Interests: system dynamics; systems engineering; modelling; simulation
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Mathematical methods for solving economics and management problems are becoming more and more common. Not only are they used for the description of general theories in these social sciences, but also for practical tasks of management and optimization. They are behind the information systems that drive the running of large manufacturing, commercial and transport companies. Mathematical methods require the formulation of precise assumptions and the logical justification of each step of the process when solving problems. They provide a solid foundation for the further development and refinement of knowledge in economics or management. From another point of view, it can be stated that mathematical methods allow the emergence of models that can serve empirical testing and their adaptation to specific conditions.

Economics and management are dynamic areas that require the constant adaptation of knowledge to new conditions. Social developments bring about new phenomena that require new theories or new solutions. Mathematical methods are rich enough to provide the basis for this dynamic knowledge.

The aim of this Special Issue is to provide the opportunity for all researchers in the field of the application of mathematical methods in economics and management to attempt to streamline existing methods and refine existing models or design new methods and develop new models.

Topics include but are not limited to:

  • Econometric models
  • Financial modelling
  • Economic theories
  • Numeric simulations
  • Agent-based simulations
  • System dynamics simulations
  • Microeconomy
  • Macroeconomy
  • Optimization methods
  • Operational research
  • Case studies
  • Empirical verification
  • Economic growth
  • Models of sustainability
  • Complex systems

Dr. Pavel Pražák
Dr. Vladimír Bureš
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Systems is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • economics
  • mathematical model
  • management
  • theory
  • simulation
  • economy

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Published Papers (2 papers)

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Research

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18 pages, 413 KiB  
Article
Commonality in Liquidity Indices: The Emerging European Stock Markets
by Barbara Będowska-Sójka and Krzysztof Echaust
Systems 2019, 7(2), 24; https://doi.org/10.3390/systems7020024 - 28 Apr 2019
Cited by 14 | Viewed by 7358
Abstract
The aim of the paper is to examine commonality in liquidity indices across emerging European stock markets. Five markets are included in the study: Hungarian, Czech, Polish, Russian and Turkish, in the period from 2008 to 2017. We propose liquidity indices that are [...] Read more.
The aim of the paper is to examine commonality in liquidity indices across emerging European stock markets. Five markets are included in the study: Hungarian, Czech, Polish, Russian and Turkish, in the period from 2008 to 2017. We propose liquidity indices that are based on low-frequency liquidity proxies and capture both the dynamics coming from volume and price changes. We find strong commonality of the liquidity indices across all examined markets which is robust to the choice of liquidity proxy. The dependence between indices enhances in times of crisis and large market declines, and weakens when markets become stable. We also examine the interdependency between liquidity and volatility estimates and find that liquidity on the European emerging markets is related to CBOE Volatility Index (VIX). Liquidity in the whole region decreases when VIX increases, and vice versa. The liquidity indices based on the extreme market movements show that there are no differences in commonality in time of extreme negative and positive returns. Full article
(This article belongs to the Special Issue Mathematical Models of Economic Systems)
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Review

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19 pages, 897 KiB  
Review
Review of Kalman Filter Employment in the NAIRU Estimation
by Katerina Fronckova, Pavel Prazak and Ivan Soukal
Systems 2019, 7(3), 33; https://doi.org/10.3390/systems7030033 - 28 Jun 2019
Cited by 1 | Viewed by 6547
Abstract
The aim of the paper is to provide a recent overview of Kalman filter employment in the non-accelerating inflation rate of unemployment (NAIRU) estimation. The NAIRU plays a key part in an economic system. A certain unemployment rate which is consistent with a [...] Read more.
The aim of the paper is to provide a recent overview of Kalman filter employment in the non-accelerating inflation rate of unemployment (NAIRU) estimation. The NAIRU plays a key part in an economic system. A certain unemployment rate which is consistent with a stable rate of inflation is one of the conditions for economic system stability. Since the NAIRU cannot be directly observed and measured, it is one of the most fitting problems for the Kalman filter application. The search for original, NAIRU focused and Kalman filter employment studies was performed in three scientific databases: Web of Science, Scopus, and ScienceDirect. A sample of 152 papers was narrowed down to 25 studies, which were described in greater detail regarding the focus, methods, model features, limitations, and other characteristics. A group of studies using a purely statistical approach of decomposing unemployment into a trend and cyclical component was identified. The next group uses the reduced-form approach which is sometimes combined with statistical decomposition. In such cases, the models are usually based on the backward-looking Phillips curve. Nevertheless, the forward-looking, New Keynesian or rarely hybrid New Keynesian variant can also be encountered. Full article
(This article belongs to the Special Issue Mathematical Models of Economic Systems)
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