Introduction to Dynamic Macroeconomic Theory

Economies are constantly in flux, and economists have long sought reliable means of analyzing their dynamic properties. This book provides a succinct and accessible exposition of modern dynamic (or intertemporal) macroeconomics.

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Author: George T. McCandless

Publisher: Harvard University Press

ISBN: 0674461118

Category: Business & Economics

Page: 372

View: 364

Economies are constantly in flux, and economists have long sought reliable means of analyzing their dynamic properties. This book provides a succinct and accessible exposition of modern dynamic (or intertemporal) macroeconomics. The authors use a microeconomics-based general equilibrium framework, specifically the overlapping generations model, which assumes that in every period there are two generations which overlap. This model allows the authors to fully describe economies over time and to employ traditional welfare analysis to judge the effects of various policies. By choosing to keep the mathematical level simple and to use the same modeling framework throughout, the authors are able to address many subtle economic issues. They analyze savings, social security systems, the determination of interest rates and asset prices for different types of assets, Ricardian equivalence, business cycles, chaos theory, investment, growth, and a variety of monetary phenomena. Introduction to Dynamic Macroeconomic Theory will become a classic of economic exposition and a standard teaching and reference tool for intertemporal macroeconomics and the overlapping generations model. The writing is exceptionally clear. Each result is illustrated with analytical derivations, graphically, and by worked out examples. Exercises, which are strategically placed, are an integral part of the book.

Dynamic Macroeconomic Theory

This book on dynamic equilibrium macroeconomics is suitable for graduate-level courses; a companion book, Exercises in Dynamic Macroeconomic Theory, provides answers to the exercises and is also available from Harvard University Press.

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Author: Thomas J. Sargent

Publisher: Harvard University Press

ISBN: 0674043081

Category: Business & Economics

Page: 384

View: 324

The tasks of macroeconomics are to interpret observations on economic aggregates in terms of the motivations and constraints of economic agents and to predict the consequences of alternative hypothetical ways of administering government economic policy. General equilibrium models form a convenient context for analyzing such alternative government policies. In the past ten years, the strengths of general equilibrium models and the corresponding deficiencies of Keynesian and monetarist models of the 1960s have induced macroeconomists to begin applying general equilibrium models. This book describes some general equilibrium models that are dynamic, that have been built to help interpret time-series of observations of economic aggregates and to predict the consequences of alternative government interventions. The first part of the book describes dynamic programming, search theory, and real dynamic capital pricing models. Among the applications are stochastic optimal growth models, matching models, arbitrage pricing theories, and theories of interest rates, stock prices, and options. The remaining parts of the book are devoted to issues in monetary theory; currency-in-utility-function models, cash-in-advance models, Townsend turnpike models, and overlapping generations models are all used to study a set of common issues. By putting these models to work on concrete problems in exercises offered throughout the text, Sargent provides insights into the strengths and weaknesses of these models of money. An appendix on functional analysis shows the unity that underlies the mathematics used in disparate areas of rational expectations economics. This book on dynamic equilibrium macroeconomics is suitable for graduate-level courses; a companion book, Exercises in Dynamic Macroeconomic Theory, provides answers to the exercises and is also available from Harvard University Press.

Recursive Macroeconomic Theory

This third edition offers substantial new material, with three entirely new chapters and significant revisions to others.

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Author: Lars Ljungqvist

Publisher: MIT Press

ISBN: 9780262312028

Category: Business & Economics

Page: 1360

View: 862

A substantially revised new edition of a widely used text, offering both an introduction to recursive methods and advanced material. Recursive methods offer a powerful approach for characterizing and solving complicated problems in dynamic macroeconomics. Recursive Macroeconomic Theory provides both an introduction to recursive methods and advanced material, mixing tools and sample applications. Only experience in solving practical problems fully conveys the power of the recursive approach, and the book provides many applications. This third edition offers substantial new material, with three entirely new chapters and significant revisions to others. The new content reflects recent developments in the field, further illustrating the power and pervasiveness of recursive methods. New chapters cover asset pricing empirics with possible resolutions to puzzles; analysis of credible government policy that entails state variables other than reputation; and foundations of aggregate labor supply with time averaging replacing employment lotteries. Other new material includes a multi-country analysis of taxation in a growth model, elaborations of the fiscal theory of the price level, and age externalities in a matching model. The book is suitable for both first- and second-year graduate courses in macroeconomics and monetary economics. Most chapters conclude with exercises. Many exercises and examples use Matlab programs, which are cited in a special index at the end of the book.

Macroeconomic Theory

Suitable for students and researchers seeking coverage of the developments in macroeconomics, this title lays out the core ideas of modern macroeconomics and its links with finance.

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Author: Michael Wickens

Publisher: Princeton University Press

ISBN: 9780691152868

Category: Business & Economics

Page: 596

View: 950

Suitable for students and researchers seeking coverage of the developments in macroeconomics, this title lays out the core ideas of modern macroeconomics and its links with finance. It presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy.

The ABCs of RBCs

The first book to provide a basic introduction to Real Business Cycle (RBC) and New-Keynesian models is designed to teach the economic practitioner or student how to build simple RBC models.

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Author: George T. McCandless

Publisher: Harvard University Press

ISBN: 0674028147

Category: Business & Economics

Page: 421

View: 885

The ABCs of RBCs is the first book to provide a basic introduction to Real Business Cycle (RBC) and New-Keynesian models. These models argue that random shocksâe"new inventions, droughts, and wars, in the case of pure RBC models, and monetary and fiscal policy and international investor risk aversion, in more open interpretationsâe"can trigger booms and recessions and can account for much of observed output volatility. George McCandless works through a sequence of these Real Business Cycle and New-Keynesian dynamic stochastic general equilibrium models in fine detail, showing how to solve them, and how to add important extensions to the basic model, such as money, price and wage rigidities, financial markets, and an open economy. The impulse response functions of each new model show how the added feature changes the dynamics. The ABCs of RBCs is designed to teach the economic practitioner or student how to build simple RBC models. Matlab code for solving many of the models is provided, and careful readers should be able to construct, solve, and use their own models. In the tradition of the âeoefreshwaterâe economic schools of Chicago and Minnesota, McCandless enhances the methods and sophistication of current macroeconomic modeling.

Dynamic Macroeconomic Analysis

A survey of key issues relevant for the analysis of modern dynamic economies.

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Author: Sumru Altug

Publisher: Cambridge University Press

ISBN: 0521534038

Category: Business & Economics

Page: 582

View: 641

A survey of key issues relevant for the analysis of modern dynamic economies.

Introduction to Dynamic Macroeconomic General Equilibrium Models Second Edition

Our macroeconomic laboratory consists of a DSGE model (and a computer with
appropriate software). This model economy is a necessary simplification of reality
. The reason we trust them is easy to understand. Think of a street plan. A street ...

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Author: José L. Torres

Publisher: Vernon Press

ISBN: 9781622739769

Category: Business & Economics

Page: 282

View: 401

This book offers an introductory step-by-step course in Dynamic Stochastic General Equilibrium (DSGE) modelling. Modern macroeconomic analysis is increasingly concerned with the construction, calibration and/or estimation and simulation of DSGE models. The book is intended for graduate students as an introductory course to DSGE modelling and for those economists who would like a hands-on approach to learning the basics of modern dynamic macroeconomic modelling. The book starts with the simplest canonical neoclassical DSGE model and then gradually extends the basic framework incorporating a variety of additional features, such as consumption habit formation, investment adjustment cost, investment-specific technological change, taxes, public capital, household production, non-ricardian agents, monopolistic competition, etc. The book includes Dynare codes for the models developed that can be downloaded from the book’s homepage. The second edition is identical to the first with the exception of a revised appendix to Chapter 2. The revised appendix can be downloaded free of charge in the accompanying downloads section.

Stochastic Dynamic Macroeconomics

This is a book on stochastic dynamic macroeconomics from a Keynesian perspective.

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Author: Gang Gong

Publisher: Oxford University Press

ISBN: 0195345738

Category: Business & Economics

Page: 224

View: 707

This is a book on stochastic dynamic macroeconomics from a Keynesian perspective. It shows that including Keynesian features in intertemporal models considerably contributes to resolve major puzzles arising in the context of the Dynamic General Equilibrium (DGE) model. It also demonstrates that including microeconomic intertemporal behavior of economic agents in macroeconomics is not inconsistent with Keynesian economics.

Methods of Macroeconomic Dynamics

In this text Stephen J. Turnovsky reviews in depth several early models as well as a representation of more recent models.

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Author: Stephen J. Turnovsky

Publisher: MIT Press

ISBN: 0262201232

Category: Business & Economics

Page: 671

View: 351

Just as macroeconomic models describe the overall economy within a changing, or dynamic, framework, the models themselves change over time. In this text Stephen J. Turnovsky reviews in depth several early models as well as a representation of more recent models. They include traditional (backward-looking) models, linear rational expectations (future-looking) models, intertemporal optimization models, endogenous growth models, and continuous time stochastic models. The author uses examples from both closed and open economies. Whereas others commonly introduce models in a closed context, tacking on a brief discussion of the model in an open economy, Turnovsky integrates the two perspectives throughout to reflect the increasingly international outlook of the field. This new edition has been extensively revised. It contains a new chapter on optimal monetary and fiscal policy, and the coverage of growth theory has been expanded substantially. The range of growth models considered has been extended, with particular attention devoted to transitional dynamics and nonscale growth. The book includes cutting-edge research and unpublished data, including much of the author's own work.

Dynamic Macroeconomics

The book is suitable for advanced undergraduate and graduate students who have some knowledge of economic theory and mathematics for economists.

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Author: George Alogoskoufis

Publisher: MIT Press

ISBN: 9780262043014

Category: Business & Economics

Page: 800

View: 223

An advanced treatment of modern macroeconomics, presented through a sequence of dynamic equilibrium models, with discussion of the implications for monetary and fiscal policy. This textbook offers an advanced treatment of modern macroeconomics, presented through a sequence of dynamic general equilibrium models based on intertemporal optimization on the part of economic agents. The book treats macroeconomics as applied and policy-oriented general equilibrium analysis, examining a number of models, each of which is suitable for investigating specific issues but may be unsuitable for others. After presenting a brief survey of the evolution of macroeconomics and the key facts about long-run economic growth and aggregate fluctuations, the book introduces the main elements of the intertemporal approach through a series of two-period competitive general equilibrium models—the simplest possible intertemporal models. This sets the stage for the remainder of the book, which presents models of economic growth, aggregate fluctuations, and monetary and fiscal policy. The text focuses on a full analysis of a limited number of key intertemporal models, which are stripped down to essentials so that students can focus on the dynamic properties of the models. Exercises encourage students to try their hands at solving versions of the dynamic models that define modern macroeconomics. Appendixes review the main mathematical techniques needed to analyze optimizing dynamic macroeconomic models. The book is suitable for advanced undergraduate and graduate students who have some knowledge of economic theory and mathematics for economists.

Economic Analysis and Policy

The Teheran The book offers an overview of significant new results in the
literature on the theory and applications of ... The ibers at lanski JIA
INTRODUCTION TO DYNAMIC MACROECONOMIC THEORY : AN
OVERLAPPING GENERATIONS ...

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Author:

Publisher:

ISBN: NWU:35556023642614

Category: Australia

Page:

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Books in Print

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Author:

Publisher:

ISBN: STANFORD:36105002106081

Category: American literature

Page:

View: 546

Journal of Economic Theory

... Introduction to Dynamic Macroeconomic Theory : A Overlapping Generations
Approach , Harvard University Press , Cambridge , 1991 . [ 6 ] R . Myerson , M .
Satterthwaite , Efficient mechanisms for bilateral trading , J . Econom . Theory 29
 ...

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Author: Karl Shell

Publisher:

ISBN: 00220531

Category:

Page:

View: 469

Cornell University Courses of Study

... recursive competitive equilibrium ; the Neoclassical Growth Model ; calibration
; and introduction to dynamic programming . ECON 61446140 ) Macroeconomic
Theory II Spring . 4 credits . Covers the following topics : dynamic programming ...

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Author: Cornell University

Publisher:

ISBN: CORNELL:31924097790251

Category:

Page:

View: 824

Open Economy Dynamics

... Oxford 1991 MALINVAUD , E . , Profitability and Unemployment , Cambridge
1986 MANKIW , N . G . , Macroeconomics ... New York 1989 McCANDLESS , G .
T . , WALLACE , N . , Introduction to Dynamic Macroeconomic Theory , Harvard ...

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Author: Michael Carlberg

Publisher: Physica

ISBN: 3790807087

Category: Business & Economics

Page: 203

View: 495

The focus is on the inter action between demand and supply in a small open economy featuring the dynamics of private capital, public debt and foreign assets. The overlapping generations model serves as a microfoundation. It proves useful to consider different scenarios. Exchange rates are either flexible or fixed. Money wages can be flexible, fixed or slow. Monetary and fiscal policy may be exogenous or endo genous. Either budget deficits are allowed, or continuous budget balance is postula ted. Wh at are the implications of various shocks? How does the chain of cause and effect look like? I had many helpful talks with my colleagues at Hamburg: Michael Schmid (now at Bamberg), Wolf Schäfer and Johannes Hackmann. In addition, Daphni-Marina Papadopoulou and Christine Schäfer-Lochte carefully discussed with me all parts of the manuscript. Last but not least, Doris Ehrich typed the manuscript as excellently as ever. I would like to thank all of them. CONTENTS INTRODUCTION 3 PART 1. FLEXIBLE EXCHANGE RATES 11 CHAPTER 1. BASIC MODEL 11 1. Flexible Money Wages 13 13 1. 1. Overlapping Generations 1. 2. Short-Run Equilibrium and Long-Run Equilibrium 23 1. 3. Stability 27 1. 4. Shoeks 30 2. Fixed Money Wages 34 34 2. 1. Overlapping Generations 2. 2. Short-Run Equilibrium and Long-Run Equilibrium 39 2. 3. Stability 41 2. 4. Shoeks 44 3. Slow Money Wages 52 3. 1. Special Case 1= 0 52 3. 2. General Case 60 4. Monetary Poliey 64 4. 1.

Public Finance

Auerbach , A.J. and Kotlikoff , L.J. ( 1987 ) , Dynamic Fiscal Policy , London ,
Cambridge University Press . ... Mc Candless , G.T.Jr. and Wallace , N. ( 1991 ) ,
Introduction to Dynamic Macroeconomic Theory , Cambridge , Harvard U.P.
Petrie ...

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ISBN: UOM:39015041189849

Category: Finance, Public

Page:

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Catalogs of Courses

Theory of non - linear programming , Kuhn - Tucker theorem in static and
dynamic settings , dynamic programming and control ... in the accumulation of
capital ; alternative theories of economic growth ; introduction to dynamic
programming and control theory . Mr. Goldman ( Sp ) * 2020. Advanced
Macroeconomic Theory .

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Author: University of California, Berkeley

Publisher:

ISBN: UCLA:L0077230514

Category:

Page:

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Includes general and summer catalogs issued between 1878/1879 and 1995/1997.

Theory of Macroeconomic Policy

Theory of Macroeconomic Policy offers a panoramic view of macroeconomic theory as a foundation for understanding macroeconomic, fiscal and monetary, policy.

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Author: Christopher Tsoukis

Publisher: Oxford University Press, USA

ISBN: 9780198825371

Category: Economic policy

Page: 736

View: 516

Theory of Macroeconomic Policy offers a panoramic view of macroeconomic theory as a foundation for understanding macroeconomic, fiscal and monetary, policy.

Journal of mathematical economics

A macro - dynamic theory of business cycles . Econometrica 3 , 327 ...
Endogenous price fluctuations in an optimizing model of a monetary economy . ...
Introduction to Dynamic Macroeconomic Theory : An Overlapping Generations
Approach .

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Author:

Publisher:

ISBN: UCAL:B4945228

Category:

Page:

View: 186