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Models for Dynamic Macroeconomics (Paperback, New edition)
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Models for Dynamic Macroeconomics (Paperback, New edition)
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Models for Dynamic Microeconomics 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.
Chapters are linked by various formal and substantive threads.
Discrete-time optimization under uncertainty, introduced in Chapter
1, is motivated and discussed by applications to consumption
theory, with particular attention to empirical implementation.
Chapter 2 focuses on continuous-time optimization techniques, and
discusses the relevant insights in the context of
partial-equilibrium investment models. Chapter 3 revisits many of
the previous chapters' formal derivations with applications to
dynamic labour demand, in comparison to optimal investment models,
and characterizes labor market equilibrium when not only individual
firms' labor demand, but also individual labor supply by workers,
is subject to adjustment costs. Chapter 4 proposes broader
applications of methods introduced in the previous chapters and
studies continuous-time equilibrium dynamics of representative
agent economies, featuring both consumption and investment choices,
with applications to long-run growth frameworks of analysis.
Chapter 5 illustrates the role of decentralized trading in
determining aggregate equilibria, and characterizesaggregate labor
market dynamics in the presence of frictional unemployment.
Chapters 4 and 5 pay particular attention to strategic interactions
and externalities: even when each agent correctly solves his or her
individual dynamic problem, modern microfounded macroeconomic
models recognize that macroeconomic equilibrium need not have
unambiguously desirable properties.
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.
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