Models for Dynamic Macroeconomics
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Product details:
- Publisher OUP Oxford
- Date of Publication 5 February 2004
- ISBN 9780199266821
- Binding Hardback
- No. of pages296 pages
- Size 241x161x20 mm
- Weight 550 g
- Language English
- Illustrations numerous figures 0
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Short description:
This is a textbook for advanced students in macroeconomics. It provides a clear guide to the techniques and tools used in modern macroeconomic analysis without requiring advanced mathematical training. It covers the core topics of consumption and investment, employment and unemployment, and economic growth. Each analytical tool is illustrated with applications to help readers acquire sufficient familiarity with the tools to be able to manipulate complex models themselves.
MoreLong 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 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.
This excellent book, written by two leaders of their field, provides a rigorous introduction to modern dynamic macroeconomics. It provides the modern perspective on consumption, investment and labor markets before putting it all together in models of general equilibrium as well as models of coordination failures. The book provides a much needed stepping-stone so that students can cross the gap between undergraduate textbooks and the modern literature. I recommend it highly for serious advanced undergraduate courses, as a basic text for graduate courses, and as a reference text.
Table of Contents:
Preface
Dynamic Consumption Theory
Dynamic Models of Investment
Adjustment Costs in the Labour Market
Growth in Dynamic General Equilibrium
Coordination and Externalities in Macroeconomics
Answers to Exercises
