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"The interaction between the dynamics of economic growth and the
evolution of economic inequality is an important and challenging
problem. Recent advances in macroeconomics of heterogeneous agents
have finally made it possible to investigate this question in a
systematic manner. This timely book offers an excellent first broad
overview in this area. The ideas in the book are so intuitive that
they can be taught to advanced undergraduates. The exposition is so
clear, simple and yet rigorous that the book is useful in a
first-year graduate macro sequence. Its comprehensive coverage
makes it an indispensable source of reference for the researcher in
the field. A great achievement! I wish I had written this
book."--Kiminori Matsuyama, Northwestern University
"Income distribution questions are becoming increasingly
important in modern macroeconomic theory, and they will probably
become even more so as computational techniques are utilized to
move macroeconomics beyond the representative agent paradigm. This
book does a good job in summarizing the current state of the
literature in an interesting and hands-on way."--Alex Michaelides,
London School of Economics
"A well balanced, clearly argued, up-to-date, and informative
account of the subject. The arguments that spin off from this book
will interest not only macroeconomists but also others in the
field."--Frank Cowell, Professor of Economics and Director of
Distributional Analysis Research Programme, London School of
Economics; author of "The Economics of Poverty and Inequality"
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.
This book looks at the distribution of income and wealth and the
effects that this has on the macroeconomy, and vice versa. Is a
more equal distribution of income beneficial or harmful for
macroeconomic growth, and how does the distribution of wealth
evolve in a market economy? Taking stock of results and methods
developed in the context of the 1990s revival of growth theory, the
authors focus on capital accumulation and long-run growth. They
show how rigorous, optimization-based technical tools can be
applied, beyond the representative-agent framework of analysis, to
account for realistic market imperfections and for
political-economic interactions. The treatment is thorough, yet
accessible to students and nonspecialist economists, and it offers
specialist readers a wide-ranging and innovative treatment of an
increasingly important research field. The book follows a single
analytical thread through a series of different growth models,
allowing readers to appreciate their structure and crucial
assumptions. This is particularly useful at a time when the
literature on income distribution and growth has developed quickly
and in several different directions, becoming difficult to
overview.
Over the past decade European economic integration has seen
considerable institutional success, but the economic performance of
the EU has been varied. While macroeconomic stability has improved
and an emphasis on cohesion preserved, the EU economic system has
not delivered satisfactory growth performance.
This book is the report of a high-level group commissioned by the
President of the European Commission to review the EU economic
system and propose a blueprint for an economic system capable of
delivering faster growth along with stability and cohesion. It
assesses the EU s economic performance, examines the challenges
facing the EU in the coming years, and presents a series of
recommendations.
The report views Europe's unsatisfactory growth performance during
the last decades as a symptom of its failure to transform into an
innovation-based economy. It has now become clear that the context
in which economic policies have been developed has changed
fundamentally over the past thirty years. A system built around the
assimilation of existing technologies, mass production generating
economics of scale, and an industrial structure dominated by large
firms with stable markets and long term employment patterns no
longer delivers in the world of today, characterized by economic
globalization and strong external competition. What is needed now
is more opportunity for new entrants, greater mobility of employees
within and across firms, more retraining, greater reliance on
market financing, and higher investment in both R&D and higher
education. This requires a massive and urgent change in economic
policies in Europe.
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 characterizes aggregate 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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Economic Policy 42 (Paperback)
Georges de Menil, Richard Portes, Hans-Werner Sinn, Richard Baldwin, Giuseppe Bertola, …
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R863
Discovery Miles 8 630
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Out of stock
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Economic Policy is written for all those with an informed interest
in economic policy problems. All articles are submitted to rigorous
scrutiny by a panel of distinguished economists from around the
world, resulting in a volume of authoritative and accessible
articles, each followed by the comments of panel members.
Economic Policy has earned a reputation around the world as the one
publication that always identifies current and emerging policy
topics early.
Papers are specially commissioned from first-class economists and
experts in the policy field.
The editors are all based at top European economic institutions and
each paper is discussed by a panel of distinguished economists.
This unique approach guarantees incisive debate and alternative
interpretations of the evidence.
Economic Policy increases to 4 issues in 2005.
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