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 equilibriummacroeconomics 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.
General
Imprint: |
Harvard University Press
|
Country of origin: |
United States |
Release date: |
July 1987 |
First published: |
February 1987 |
Authors: |
Thomas J Sargent
|
Dimensions: |
235 x 152 x 30mm (L x W x T) |
Format: |
Hardcover
|
Pages: |
384 |
ISBN-13: |
978-0-674-21877-2 |
Categories: |
Books >
Business & Economics >
Economics >
Macroeconomics >
General
|
LSN: |
0-674-21877-9 |
Barcode: |
9780674218772 |
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!