Intertemporal Macroeconomics

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 241 pages
File Size : 53,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642470233

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Intertemporal Macroeconomics by Michael Carlberg Pdf

This book is concerned with the long-run effects of budgetary and financial policy on aggregate demand and supply. Here the long run is characterized by the accumulation of public debt and foreign assets. This gives rise to a number of questions. Will the long-run equilibrium be stable? What does long-run instability imply? Is the long-run multiplier smaller than the short-run multiplier? Can the long-run multiplier become negative? This book takes a new approach to macroeconomic policy. It assumes a growing economy, as opposed to a stationary economy. And it assumes that the government fixes the deficit rate, as opposed to the tax rate. It is argued that economic growth is an important factor of long-run stability. Similarly, it is argued that a fixed deficit rate is an important factor of long-run stability.

Author : G. Chirichiello
Publisher : Springer
Page : 273 pages
File Size : 43,6 Mb
Release : 2000-05-23
Category : Business & Economics
ISBN : 9780333977422

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Intertemporal Macroeconomic Models, Money and Regional Choice by G. Chirichiello Pdf

Intertemporal macroeconomics links microeconomics and growth theory methods. The effects of policies are examined as the dynamic interaction between decisions of agents and policy interventions. The book explores the two basic approaches of models of infinitely-lived agents (Cass-Ramsey-Koopmans approach) and models of overlapping-generations (Allais-Fisher-Samuelson approach). Controversial questions concerning monetary models and monetary policies are also considered in a systematic way. The book also introduces both real models and monetary models of endogenous growth.

Author : N. Gregory Mankiw,Julio Rotemberg,Lawrence H. Summers
Publisher : Unknown
Page : 70 pages
File Size : 55,5 Mb
Release : 1982
Category : Consumption (Economics)
ISBN : IND:39000003911034

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Intertemporal Substitution in Macroeconomics by N. Gregory Mankiw,Julio Rotemberg,Lawrence H. Summers Pdf

Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraint. In this paper, we estimate an explicit model :f this type. In particular, we assume that the observed fluctuations correspond to the decisions of an optimizing representative individual. This individual has a stable utility function which is additively separable over time but not necessarily additively separable in consumption and leisure. We estimate three first order conditions which represent three margins on which the individual is optimizing. He can trade off present consumption for future consumption, present leisure for future leisure and present consumption for present leisure. Our results show that the aggregate U.S. data are extremely reluctant to be characterized by a model of this type. Not only are the overidentifying restrictions statistically rejected but, in addition, the estimated utility function is often not concave. Even when it is concave the estimates imply that either consumption or leisure is an inferior good.

Author : Costas Azariadis
Publisher : Unknown
Page : 0 pages
File Size : 46,6 Mb
Release : 1993
Category : Macroeconomics
ISBN : OCLC:1393057683

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Intertemporal Macroeconomics by Costas Azariadis Pdf

Author : David Fokke Ihno Folkerts-Landau
Publisher : Cambridge University Press
Page : 192 pages
File Size : 51,8 Mb
Release : 1982-07-30
Category : Business & Economics
ISBN : 0521230675

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Intertemporal Planning, Exchange and Macroeconomics by David Fokke Ihno Folkerts-Landau Pdf

This study attempts to provide modern macroeconomic analysis with a foundation in macroeconomic and general equilibrium theory.

Author : N. Gregory Mankiw
Publisher : Hardpress Publishing
Page : 80 pages
File Size : 45,8 Mb
Release : 2013-12
Category : Electronic
ISBN : 1314948695

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Intertemporal Substitution in MacRoeconomics... by N. Gregory Mankiw Pdf

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Author : N. Gregory Mankiw
Publisher : Unknown
Page : 72 pages
File Size : 47,7 Mb
Release : 2015-08-05
Category : Business & Economics
ISBN : 1332266118

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Intertemporal Substitution in Macroeconomics (Classic Reprint) by N. Gregory Mankiw Pdf

Excerpt from Intertemporal Substitution in Macroeconomics Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraint. In this paper, we estimate an explicit model of this type. In particular, we assume that the observed fluctuations correspond to the decisions of an optimizing representative individual. This individual has a stable utility function which is additively separable over time but not necessarily additively separable in consumption and leisure. We estimate three first order conditions which represent three margins on which the individual is optimizing. He can trade off present consumption for future consumption, present leisure for future leisure and present consumption for present leisure. Our results show that the aggregate U.S. data are extremely reluctant to be characterized by a model of this type. Not only are the overidentifying restrictions statistically rejected but, In addition, the estimated utility function is often not concave. Even when it is concave the estimates imply that either consumption or leisure is an inferior good. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Author : Lawrence H. Summers,N. Gregory Mankiw,Julio J. Rotemberg,National Bureau of Economic Research
Publisher : Unknown
Page : 128 pages
File Size : 40,7 Mb
Release : 1986
Category : Electronic
ISBN : OCLC:874709527

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Intertemporal Substitution in Macroeconomics by Lawrence H. Summers,N. Gregory Mankiw,Julio J. Rotemberg,National Bureau of Economic Research Pdf

Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraint. In this paper, we estimate an explicit model :f this type. In particular, we assume that the observed fluctuations correspond to the decisions of an optimizing representative individual. This individual has a stable utility function which is additively separable over time but not necessarily additively separable in consumption and leisure. We estimate three first order conditions which represent three margins on which the individual is optimizing. He can trade off present consumption for future consumption, present leisure for future leisure and present consumption for present leisure. Our results show that the aggregate U.S. data are extremely reluctant to be characterized by a model of this type. Not only are the overidentifying restrictions statistically rejected but, in addition, the estimated utility function is often not concave. Even when it is concave the estimates imply that either consumption or leisure is an inferior good

Author : Thomas H. Krueger,Jonathan David Ostry,Chi-Wa Yuen
Publisher : MIT Press
Page : 186 pages
File Size : 54,5 Mb
Release : 1997
Category : Business & Economics
ISBN : 0262611309

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Exercises in Intertemporal Open Economy Macroeconomics by Thomas H. Krueger,Jonathan David Ostry,Chi-Wa Yuen Pdf

This exercise manual has been revised to be a companion volume to the third edition of "Fiscal Policies and the World Economy" by Jacob Frenkel and Assaf Razin. It includes new material on endogenous growth, convergence, and an extension of the Mundell-Flemming model.

Author : G. Chirichiello
Publisher : Palgrave Macmillan
Page : 273 pages
File Size : 48,8 Mb
Release : 2000-09-29
Category : Business & Economics
ISBN : 0312232187

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Intertemporal Macroeconomic Models, Money and Regional Choice by G. Chirichiello Pdf

Intertemporal macroeconomics links microeconomics and growth theory methods. The effects of policies are examined as the dynamic interaction between decisions of agents and policy interventions. The book explores the two basic approaches of models of infinitely-lived agents (Cass-Ramsey-Koopmans approach) and models of overlapping-generations (Allais-Fisher-Samuelson approach). Controversial questions concerning monetary models and monetary policies are also considered in a systematic way. The book also introduces both real models and monetary models of endogenous growth.

Author : Giuseppe Chirichiello
Publisher : Unknown
Page : 0 pages
File Size : 55,7 Mb
Release : 2000
Category : Macroeconomics
ISBN : OCLC:1358642322

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Intertemporal Macroeconomics Models, Money and Rational Choices by Giuseppe Chirichiello Pdf

Author : Orlando Gomes
Publisher : Springer Nature
Page : 258 pages
File Size : 42,6 Mb
Release : 2022-08-17
Category : Business & Economics
ISBN : 9783031096006

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Intertemporal and Strategic Modelling in Economics by Orlando Gomes Pdf

This textbook introduces readers to essential tools, techniques and methods for intertemporal and strategic modeling in economics. It presents a variety of analytical models covering both dynamic processes and strategic interaction. Students will learn the basic mechanisms associated with the intertemporal approach, on the one hand, and game theory, i.e., the strategic approach, on the other. In addition, a wide range of applications are explored, including growth models, labor markets, international trade, and individual decision-making. Intended for upper undergraduate and graduate students in economics and related fields with a background in mathematics and calculus, this textbook provides a comprehensive introduction to economic modeling and its applications. By avoiding excessive formalism and exploring straightforward examples and applications, it is optimally suited for graduate courses in economics and finance.

Author : Robert J. Rossana
Publisher : Routledge
Page : 682 pages
File Size : 54,9 Mb
Release : 2011-02-25
Category : Business & Economics
ISBN : 9781136814174

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Macroeconomics by Robert J. Rossana Pdf

Research in macroeconomics in the last thirty years has featured, almost exclusively on two characteristics: an emphasis on the microfoundations of macroeconomics and secondly, intertemporal economics, that is, the behavior of economic actors over time. Curiously, textbooks in intermediate macroeconomics have been very slow to adopt these traits. The aim of this book is to bring intermediate instruction in macroeconomics fully into line with the direction taken by the research community. Key hallmarks of the text include: a full introduction to the microfoundations of consumption and investment a complete model of the labor market with profit maximization for firms to determine labor demand and a utility maximization model to determine labor supply an analysis of the Baumol-Tobin model to determine money demand accompanied by a discussion of traditional money supply Possessing a full range of additional learning features including a companion website, test bank and instructor’s manual, the book takes an international view of macroeconomics with case studies and examples from the United States and beyond.

Author : Marcel Aloy
Publisher : World Bank Publications
Page : 33 pages
File Size : 51,9 Mb
Release : 2008
Category : Currencies and Exchange Rates
ISBN : 8210379456XXX

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Intertemporal Adjustment and Fiscal Policy Under a Fixed Exchange Rate Regime by Marcel Aloy Pdf

Abstract: The paper presents a dynamic model for small to medium open economies operating under a fixed exchange rate regime. The model provides a partial explanation of the channels through which fiscal and monetary policy affects the real exchange rate. An empirical investigation is conducted for the case of Argentina during the currency board period of 1991-2001. Empirical estimates show that fiscal policy may indeed be an efficient instrument for promoting macroeconomic stability insofar as it encourages convergence toward long-run equilibrium and alters the long-term balance between exports and consumption, both private and public. The simulation applied to Argentina shows that if the share of public spending in the economy is higher than the share of imports, an increase in the tax rate will stimulate capital stock slightly, at least in the short term, and depreciate the real effective exchange rate. In the long run, the fiscal policy affects the value of the real exchange rate and consequently external competitiveness.

Author : George T. McCandless,Neil Wallace
Publisher : Harvard University Press
Page : 392 pages
File Size : 55,5 Mb
Release : 1991
Category : Business & Economics
ISBN : 0674461118

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Introduction to Dynamic Macroeconomic Theory by George T. McCandless,Neil Wallace Pdf

Economies are constantly in flux, and economists have long sought reliable means of analyzing their dynamic properties. This book provides a succinct and accessible exposition of modern dynamic (or intertemporal) macroeconomics. The authors use a microeconomics-based general equilibrium framework, specifically the overlapping generations model, which assumes that in every period there are two generations which overlap. This model allows the authors to fully describe economies over time and to employ traditional welfare analysis to judge the effects of various policies. By choosing to keep the mathematical level simple and to use the same modeling framework throughout, the authors are able to address many subtle economic issues. They analyze savings, social security systems, the determination of interest rates and asset prices for different types of assets, Ricardian equivalence, business cycles, chaos theory, investment, growth, and a variety of monetary phenomena. Introduction to Dynamic Macroeconomic Theory will become a classic of economic exposition and a standard teaching and reference tool for intertemporal macroeconomics and the overlapping generations model. The writing is exceptionally clear. Each result is illustrated with analytical derivations, graphically, and by worked out examples. Exercises, which are strategically placed, are an integral part of the book.