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Models For Dynamic Macroeconomics

Models For Dynamic Macroeconomics

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  • ISBN:9780199228324
  • Editorial: Oxford University Press
  • Fecha de la edición:
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  • Dimensiones: 0 cm x 0 cm
  • Nº Pág.:275
  • Idiomas:Ingles,Inglés

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Models for Dynamic Macroeconomics provides the advanced student with key methodological tools for the dynamic analysis of a core selection of macroeconomic phenomena, including consumption and investment choices, employment and unemployment outcomes, and economic growth. The technical treatment of these tools will enable the student to handle current journal literature, while not assuming any particular familiarity with advanced analytical tools or mathematical notions. As these tools are introduced, they are related to particular applications to illustrate their use. Each chapter includes exercises which propose extensions to the model discussed in the text as well as end of chapter review exercises designed to consolidate learning. All exercise solutions are provided at the end of the book and further reading is discussed at the end of each chapter. By bridging the gap between undergraduate economics and modern microfounded macroeconomic research, this book will be of interest to graduate students in economics, and as a technical reference for economic researchers.

Preface; 1. Dynamic Consumption Theory; 1.1 Permanent Income and Optimal Consumption; 1.2 Empirical Issues; 1.3 The Role of Precautionary Saving; 1.4 Consumption and Financial Returns; Appendix A1: Dynamic Programming; Review Exercises; Further Reading; References; 2. Dynamic Models of Investment; 2.1 Convex Adjustment Costs; 2.2 Continuous-Time Optimization; 2.3 Steady-State and Adjustment Paths; 2.4 The Value of Capital and Future Cash Flows; 2.5 Average Value Capital; 2.6 A Dynamic IS-LM Model; 2.7 Linear Adjustment Costs; 2.8 Irreversible Investment Under Certainty; Appendix A2: Hamiltonian Optimization Methods; Review Exercises; Further Readings; References; 3. Adjustment Costs in the Labor Market; 3.1 Hiring and Firing Costs; 3.2 The Dynamics of Employment; 3.3 Average Long-Run Effects; 3.4 Adjustment Costs and Labor Allocation; Appendix A3: (Two-State) Markov Processes; Review Exercises; Further Reading; References; 4. Growth in Dynamic General Equilibrium; 4.1 Production, Savings, and Growth; 4.2 Dynamic Optimization; 4.3 Decentralized Production and Investment Decisions; 4.4 Measurement of "Progress": the Solow Residual; 4.5 Endogenous Growth and Market Imperfections; Review Exercises; Further Exercises; References; 5. Coordination and Externalities in Macroeconomics; 5.1 Trading Externalities and Multiple Equilibria; 5.2 A Search Model of Money; 5.3 Search Externalities in the Labor Market; 5.4 Dynamics; 5.5 Externalities and Efficiency; Review Exercises; Further Reading; References; Answers to Exercises

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