Intertemporal Substitution In Macroeconomics Classic Reprint

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Intertemporal Substitution in Macroeconomics (Classic Reprint)

N. Gregory Mankiw
Intertemporal Substitution in Macroeconomics Classic Reprint Book PDF

Author : N. Gregory Mankiw
Publisher : Unknown
Page : 72 pages
File Size : 44,8 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.

Intertemporal Substitution in Macroeconomics

N. Gregory Mankiw,Julio Rotemberg,Lawrence H. Summers
Intertemporal Substitution in Macroeconomics Book PDF

Author : N. Gregory Mankiw,Julio Rotemberg,Lawrence H. Summers
Publisher : Unknown
Page : 70 pages
File Size : 42,6 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.

Intertemporal Substitution in MacRoeconomics...

N. Gregory Mankiw
Intertemporal Substitution in MacRoeconomics Book PDF

Author : N. Gregory Mankiw
Publisher : Hardpress Publishing
Page : 80 pages
File Size : 44,6 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.

Intertemporal Substitution in Macroeconomics

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

Author : Lawrence H. Summers,N. Gregory Mankiw,Julio J. Rotemberg,National Bureau of Economic Research
Publisher : Unknown
Page : 128 pages
File Size : 44,9 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

Optimal Consumption With Intertemporal Substitution I

Ayman Hindy
Optimal Consumption With Intertemporal Substitution I Book PDF

Author : Ayman Hindy
Publisher : Forgotten Books
Page : 32 pages
File Size : 44,8 Mb
Release : 2018-02-10
Category : Business & Economics
ISBN : 0656250607

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Optimal Consumption With Intertemporal Substitution I by Ayman Hindy Pdf

Excerpt from Optimal Consumption With Intertemporal Substitution I: The Case of Certainty These non-time-additive utility functions offer intuitively appealing notions of interactions between past and current consumption. They are also mathematically tractable. Optimal con sumption policies can be characterized using dynamic programming. For particular functional forms of the felicity function, one can even have closed form expressions for these policies. Unfortunately, these utility functions fail to exhibit one key economic property that underlies much of our intuition about the behavior of asset prices over time in the absence of arbitrage possibilities. 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.

Intertemporal Substitution in Consumption Revisited

Zuliu Hu
Intertemporal Substitution in Consumption Revisited Book PDF

Author : Zuliu Hu
Publisher : Unknown
Page : 26 pages
File Size : 53,8 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291213114

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Intertemporal Substitution in Consumption Revisited by Zuliu Hu Pdf

Some of the highly controversial questions in macroeconomics critically hinge on the value of a single parameter of consumer preference--the elasticity of intertemporal substitution. This paper provides new estimates of this parameter for individual G-7 and a panel of twenty OECD countries. We find that single equation GMM estimates are typically small and imprecise, consistent with Hall's (1988) finding from the U.S. data. Estimation of a system of equations that takes into account the cross-equation restrictions implied by theory, however, generally gives larger and better determined values for the parameter. The panel procedure also yields relatively large estimates. Overall our multi-country results contradict the hypothesis of zero intertemporal substitution.

Macroeconomic Policy

Robert J. Barro
Macroeconomic Policy Book PDF

Author : Robert J. Barro
Publisher : Harvard University Press
Page : 400 pages
File Size : 55,6 Mb
Release : 1990
Category : Business & Economics
ISBN : 0674540808

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Macroeconomic Policy by Robert J. Barro Pdf

This is a collection of 13 papers by a leading proponent of new classical macroeconomics, published between 1981 and 1989. The papers are classified into three topical groups. The five papers in the first section, "Rules versus Discretion," provide an overview of the models and ideas that have been deployed in this policy debate. The next three papers investigate the impact of changes in the money supply on business cycles. The third category contains five papers that address various issues in fiscal policy. Of particular note is Barro's 1989 paper on the resuscitation of the Ricardian equivalence theorem. ISBN 0-674-54080-8: $37.50.

Economic Theory in Retrospect

Mark Blaug
Economic Theory in Retrospect Book PDF

Author : Mark Blaug
Publisher : Cambridge University Press
Page : 756 pages
File Size : 54,9 Mb
Release : 1997-03-27
Category : Business & Economics
ISBN : 0521577012

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Economic Theory in Retrospect by Mark Blaug Pdf

This book, first published in 1997, is a history of economic thought from Adam Smith to John Maynard Keynes.

EBOOK: Macroeconomics

Rudiger Dornbusch,Stanley Fischer,Richard Startz
EBOOK Macroeconomics Book PDF

Author : Rudiger Dornbusch,Stanley Fischer,Richard Startz
Publisher : McGraw Hill
Page : 679 pages
File Size : 54,6 Mb
Release : 2014-02-16
Category : Business & Economics
ISBN : 9780077173579

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EBOOK: Macroeconomics by Rudiger Dornbusch,Stanley Fischer,Richard Startz Pdf

Dornbusch, Fischer, and Startz has been a long-standing, leading intermediate macroeconomic theory text since its introduction in 1978. This revision retains most of the text's traditional features, including a middle-of-the-road approach and very current research, while updating and simplifying the exposition. A balanced approach explains both the potential and limitations of economic policy. Macroeconomics employs a model-based approach to macroeconomic analysis and demonstrates how various models are connected with the goal of giving students the capacity to analyze current economic issues in the context of an economic frame of reference. The only pre-requisite continues to be principles of economics.

A Macroeconomics Reader

Brian Snowdon,Howard Vane
A Macroeconomics Reader Book PDF

Author : Brian Snowdon,Howard Vane
Publisher : Routledge
Page : 692 pages
File Size : 50,6 Mb
Release : 1997-07-10
Category : Business & Economics
ISBN : 9781134729081

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A Macroeconomics Reader by Brian Snowdon,Howard Vane Pdf

A Macroeconomics Reader brings together a collection of key readings in modern macroeconomics. Each article has been carefully chosen to provide the reader with accessible, non-technical, and reflective papers which critically assess important areas and current controversies within modern macroeconomics.The book is divided into six parts, each with

A Companion to the History of Economic Thought

Warren J. Samuels,Jeff E. Biddle,John B. Davis
A Companion to the History of Economic Thought Book PDF

Author : Warren J. Samuels,Jeff E. Biddle,John B. Davis
Publisher : John Wiley & Sons
Page : 736 pages
File Size : 48,9 Mb
Release : 2008-04-15
Category : Business & Economics
ISBN : 9781405128964

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A Companion to the History of Economic Thought by Warren J. Samuels,Jeff E. Biddle,John B. Davis Pdf

Assembling contributions from top thinkers in the field, thiscompanion offers a comprehensive and sophisticated exploration ofthe history of economic thought. The volume has a threefold focus:the history of economic thought, the history of economics as adiscipline, and the historiography of economic thought. Provides sophisticated introductions to a vast array oftopics. Focuses on a unique range of topics, including the history ofeconomic thought, the history of the discipline of economics, andthe historiography of economic thought.

Handbook on the History of Economic Analysis Volume III

Gilbert Faccarello,Heinz D. Kurz
Handbook on the History of Economic Analysis Volume III Book PDF

Author : Gilbert Faccarello,Heinz D. Kurz
Publisher : Edward Elgar Publishing
Page : 672 pages
File Size : 44,8 Mb
Release : 2016-07-27
Category : Business & Economics
ISBN : 9781785365065

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Handbook on the History of Economic Analysis Volume III by Gilbert Faccarello,Heinz D. Kurz Pdf

This unique troika of Handbooks provides indispensable coverage of the history of economic analysis. Edited by two of the foremost academics in the field, the volumes gather together insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these Handbooks an invaluable source of knowledge for all serious students and scholars of the history of economic thought.

FUNDAMENTAL ECONOMICS – Volume I

Mukul Majumdar,Ian Wills,Pasquale M. Sgro,John M. Gowdy
FUNDAMENTAL ECONOMICS Volume I Book PDF

Author : Mukul Majumdar,Ian Wills,Pasquale M. Sgro,John M. Gowdy
Publisher : EOLSS Publications
Page : 514 pages
File Size : 40,6 Mb
Release : 2010-12-12
Category : Electronic
ISBN : 9781848263154

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FUNDAMENTAL ECONOMICS – Volume I by Mukul Majumdar,Ian Wills,Pasquale M. Sgro,John M. Gowdy Pdf

Fundamental Economics in two volumes is a component of Encyclopedia of Social Sciences and Humanities in the global Encyclopedia of Life Support Systems (EOLSS), which is an integrated compendium of twenty one Encyclopedias. The Theme discusses on Fundamental Economics, Walrasian and Non-Walrasian Microeconomics, Strategic Behavior, The Economics of Bargaining, Economic Exernalities, Public Goods, Macroeconomics, Decision Making Under Uncertainty, Development Economics and many other related topics. These two volumes are aimed at the following five major target audiences: University and College Students Educators, Professional Practitioners, Research Personnel and Policy Analysts, Managers, and Decision Makers, NGOs and GOs.

EBOOK: Economics

David Begg,Gianluigi Vernasca,Stanley Fischer,Rudiger Dornbusch
EBOOK Economics Book PDF

Author : David Begg,Gianluigi Vernasca,Stanley Fischer,Rudiger Dornbusch
Publisher : McGraw Hill
Page : 742 pages
File Size : 47,8 Mb
Release : 2014-01-16
Category : Business & Economics
ISBN : 9780077154561

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EBOOK: Economics by David Begg,Gianluigi Vernasca,Stanley Fischer,Rudiger Dornbusch Pdf

Economics affects almost everything we do: from our decisions at work to our shopping habits, voting preferences and social attitudes. This new edition of the popular text by David Begg and Gianluigi Vernasca enables the reader to understand today's economic environment by examining the underlying theory and applying it to real-world situations. Economics surveys the latest ideas and issues, such as the role of regulation in banking, the consequences of globalization and monetary union, and the efficacy of our current economic models. This coverage, combined with a rich array of pedagogical features, encourages students to explore our economic past and present, and to think critically about where this might lead us in the future. The new edition is updated to provide a comprehensive analysis of the financial crash: its causes, consequences, and possible policy responses, from fiscal stimulus to quantitative easing.

Reflections on the Development of Modern Macroeconomics

Brian Snowdon,Howard R. Vane,Roger Backhouse
Reflections on the Development of Modern Macroeconomics Book PDF

Author : Brian Snowdon,Howard R. Vane,Roger Backhouse
Publisher : Edward Elgar Publishing
Page : 258 pages
File Size : 48,6 Mb
Release : 1997-01-01
Category : Business & Economics
ISBN : 9781781008492

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Reflections on the Development of Modern Macroeconomics by Brian Snowdon,Howard R. Vane,Roger Backhouse Pdf

This is a collection of essays on the development of modern macroeconomics. It reflects the profound and controversial changes that the subject has undergone in the period 1974 to 1999. Each of the eight essays focuses on an important issue relating to those changes.