Models for Dynamic Macroeconomics

ISBN-10: 0199228329
ISBN-13: 9780199228324
Edition: 2007
List price: $58.00 Buy it from $37.90
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Description: Dynamic Approaches to 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  More...

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Book details

List price: $58.00
Copyright year: 2007
Publisher: Oxford University Press, Incorporated
Publication date: 2/9/2008
Binding: Paperback
Pages: 296
Size: 6.25" wide x 9.25" long x 0.75" tall
Weight: 0.990
Language: English

Dynamic Approaches to 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 areprovided 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.

List of Figures
Dynamic Consumption Theory
Permanent Income and Optimal Consumption
Optimal consumption dynamics
Consumption level and dynamics
Dynamics of income, consumption, and saving
Consumption, saving, and current income
Empirical Issues
Excess sensitivity of consumption to current income
Relative variability of income and consumption
Joint dynamics of income and saving
The Role of Precautionary Saving
Microeconomic foundations
Implications for the consumption function
Consumption and Financial Returns
Empirical implications of the CCAPM
Extension: the habit formation hypothesis
Dynamic Programming
Review Exercises
Further Reading
References
Dynamic Models of Investment
Convex Adjustment Costs
Continuous-Time Optimization
Characterizing optimal investment
Steady-State and Adjustment Paths
The Value of Capital and Future Cash Flows
Average Value of Capital
A Dynamic IS-LM Model
Linear Adjustment Costs
Irreversible Investment Under Uncertainty
Stochastic calculus
Optimization under uncertainty and irreversibility
Hamiltonian Optimization Methods
Review Exercises
Further Reading
References
Adjustment Costs in the Labor Market
Hiring and Firing Costs
Optimal hiring and firing
The Dynamics of Employment
Average Long-Run Effects
Average employment
Average profits
Adjustment Costs and Labor Allocation
Dynamic wage differentials
(Two-State) Markov Processes
Exercises
Further Reading
References
Growth in Dynamic General Equilibrium
Production, Savings, and Growth
Balanced growth
Unlimited accumulation
Dynamic Optimization
Economic interpretation and optimal growth
Steady state and convergence
Unlimited optimal accumulation
Decentralized Production and Investment Decisions
Optimal growth
Measurement of "Progress": The Solow Residual
Endogenous Growth and Market Imperfections
Production and non-rival factors
Involuntary technological progress
Scientific research
Human capital
Government expenditure and growth
Monopoly power and private innovations
Review Exercises
Further Reading
References
Coordination and Externalities in Macroeconomics
Trading Externalities and Multiple Equilibria
Structure of the model
Solution and characterization
A Search Model of Money
The structure of the economy
Optimal strategies and equilibria
Implications
Search Externalities in the Labor Market
Frictional unemployment
The dynamics of unemployment
Job availability
Wage determination and the steady state
Dynamics
Market tightness
The steady state and dynamics
Externalities and efficiency
Strategic Interactions and Multipliers
Review Exercises
Further Reading
References
Answers to Exercises
Index

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