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This book represents both a textbook and a monograph. Part I
entitled 'Basics' mainly contains textbook material and this is
also partly true for Part II. Here the precise de nition and
characterization of the not so well-known notion of interg-
erational ef ciency within Diamond's two-period overlapping
generations model gures prominently. In Part III, a renewable
natural resource is introduced in the log-linear Cobb-Douglas
overlapping generations model, and the ef ciency c- cepts developed
in Part II are applied. The balance among material for a textbook
und for a monograph is approximately even. In Part IV research
monograph ch- acteristics gain progressively prominence. While this
part dealing with intergene- tional equity in perfectly competitive
market economies presents already published work, the last part
focusing on harvest cost contains still unpublished work.
Asthesubtitle ofthepresentbookannounces,ourintentionisto
provideanint- duction to the not so widespread
overlappinggenerationsapproach to intertemporal resource economics.
It is introductory in that utility and production functions are
functionally speci ed such that the interested reader can derive
explicit solutions to intertemporal general equilibria. However, we
do not primarily aim at enhancing the reader's skill of solving
general equilibrium models-we rather aim at prov- ing the tools for
coping with analytically much more advanced dynamic general
equilibriummodelswith renewable natural resources,published in
leading journals. This book emerged out of lectures of the rst
author within the master programs of the University of Life
Sciences in Vienna and at Karl-Franzens-University of Graz.
This book represents both a textbook and a monograph. Part I
entitled 'Basics' mainly contains textbook material and this is
also partly true for Part II. Here the precise de nition and
characterization of the not so well-known notion of interg-
erational ef ciency within Diamond's two-period overlapping
generations model gures prominently. In Part III, a renewable
natural resource is introduced in the log-linear Cobb-Douglas
overlapping generations model, and the ef ciency c- cepts developed
in Part II are applied. The balance among material for a textbook
und for a monograph is approximately even. In Part IV research
monograph ch- acteristics gain progressively prominence. While this
part dealing with intergene- tional equity in perfectly competitive
market economies presents already published work, the last part
focusing on harvest cost contains still unpublished work.
Asthesubtitle ofthepresentbookannounces, ourintentionisto
provideanint- duction to the not so widespread
overlappinggenerationsapproach to intertemporal resource economics.
It is introductory in that utility and production functions are
functionally speci ed such that the interested reader can derive
explicit solutions to intertemporal general equilibria. However, we
do not primarily aim at enhancing the reader's skill of solving
general equilibrium models-we rather aim at prov- ing the tools for
coping with analytically much more advanced dynamic general
equilibriummodelswith renewable natural resources, published in
leading journals. This book emerged out of lectures of the rst
author within the master programs of the University of Life
Sciences in Vienna and at Karl-Franzens-University of Graz.
Revised and updated for the 2nd edition, this textbook guides the
reader towards various aspects of growth and international trade in
a Diamond-type overlapping generations framework. Using the same
model type throughout the book, timely topics such as growth with
bubbles, robots and involuntary unemployment, financial integration
and house price dynamics, policies to mitigate climate change and
the persistence of religion in a globalized market economy are
explored. The first part starts from the "old" growth theory and
bridges to the "new" growth theory (including R&D and human
capital approaches). The second part presents an intertemporal
equilibrium theory of inter- and intra-sectoral trade, investigates
innovation, growth and trade and limits to public debt as well as
nationally and internationally optimal climate policies. The debt
dynamics of the Euro Zone and the origins of intra-EMU and Asian-US
trade imbalances are also explored. The book is primarily addressed
to upper undergraduate and graduate students wishing to proceed to
the analytically more demanding journal literature.
Revised and updated for the 2nd edition, this textbook guides the
reader towards various aspects of growth and international trade in
a Diamond-type overlapping generations framework. Using the same
model type throughout the book, timely topics such as growth with
bubbles, robots and involuntary unemployment, financial integration
and house price dynamics, policies to mitigate climate change and
the persistence of religion in a globalized market economy are
explored. The first part starts from the "old" growth theory and
bridges to the "new" growth theory (including R&D and human
capital approaches). The second part presents an intertemporal
equilibrium theory of inter- and intra-sectoral trade, investigates
innovation, growth and trade and limits to public debt as well as
nationally and internationally optimal climate policies. The debt
dynamics of the Euro Zone and the origins of intra-EMU and Asian-US
trade imbalances are also explored. The book is primarily addressed
to upper undergraduate and graduate students wishing to proceed to
the analytically more demanding journal literature.
Dieses Buch stellt eine kompakte Einfuhrung in die "traditionelle"
und "neue" Wachstums- und Aussenhandelstheorie bereit.
Soziookonomishe Entwicklungsprozesse werden aus dem Zusammenwirken
der einzelnen Marktteilnehmer im Kontext der
"Gleichgewichtstheorie" der Wachstums- und Aussenhandels"dynamik"
analysiert und erklart. Die Aussenwirtschaftstheorie versteht sich
dabei als naturliche Erweiterung der Wachstumstheorie. Neben den
traditionellen Themen bilden die (intertemporale) Analyse aktueller
Fragen, wie jene nach den Grenzen der Staatsverschuldung sowie eine
ausfuhrliche Behandlung der ""neuen Wachstums- und
Aussenhandelstheorie"" einen besonderen Schwerpunkt. Eine gute
Verstandlichkeit der formal-analytischen Erklarungsansatze ist
dabei vorrangiges Ziel. Diese werden deshalb anhand "ein- und
desselben Modelltyps" prasentiert, zudem werden Nutzen- und
Produktionsfunktion auf denkbar einfache Weise funktional
spezifiziert und mathematisch anspruchsvollere Passagen detailliert
erlautert."
Financial crises aggravated by high-leveraged financial
institutions and/or heavily indebted private agents occur rarely
but their economic impacts are severe: firms go bankrupt, credit
crunch emerges, unemployment rises dramatically and sovereign debts
sour. Like severe natural disasters their forecast is difficult if
not impossible. Nonetheless, the literature on financial crises, in
particular on the global financial crisis 2007-2009, is already
voluminous. The overall picture this literature is painting
regarding the emergence and propagation of the latest crisis is
rather well researched and main insights are broadly accepted.
However, there are some specific aspects of crisis causation,
crisis management and the economic impacts of severe financial
crises which are not well addressed so far. This book discusses the
topics of contagion in emerging stock markets during the Asian and
Latin American crisis and the relationship between the executive
compensation structure and the banks' riskiness of asset
portfolios.
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