Models for Dynamic Macroeconomics by Fabio-Cesare Bagliano

Models for Dynamic Macroeconomics

byFabio-Cesare Bagliano, Giuseppe Bertola

Paperback | December 5, 2007

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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 theiruse. Each chapter includes exercises which propose extensions to the model discussed in the text as well as end of chapter review exercises designed to consolidate learning. All exercise solutions are provided at the end of the book and further reading is discussed at the end of each chapter.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.

About The Author

Fabio-Cesare Bagliano is currently Professor of Economics in the Faculty of Economics, University of Tunrin, having previously held other teaching positions in Turin and Teramo (Italy); in 1987-90 he held a research position at the Centre for Economic Performance (London School of Economics and Political Science). He is Associate Edit...

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Title:Models for Dynamic MacroeconomicsFormat:PaperbackDimensions:296 pages, 9.21 × 6.14 × 0.59 inPublished:December 5, 2007Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199228329

ISBN - 13:9780199228324

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Table of Contents

Preface1. Dynamic Consumption Theory1.1 Permanent Income and Optimal Consumption1.2 Empirical Issues1.3 The Role of Precautionary Saving1.4 Consumption and Financial ReturnsAppendix A1: Dynamic ProgrammingReview ExercisesFurther ReadingReferences2. Dynamic Models of Investment2.1 Convex Adjustment Costs2.2 Continuous-Time Optimization2.3 Steady-State and Adjustment Paths2.4 The Value of Capital and Future Cash Flows2.5 Average Value Capital2.6 A Dynamic IS-LM Model2.7 Linear Adjustment Costs2.8 Irreversible Investment Under CertaintyAppendix A2: Hamiltonian Optimization MethodsReview ExercisesFurther ReadingsReferences3. Adjustment Costs in the Labor Market3.1 Hiring and Firing Costs3.2 The Dynamics of Employment3.3 Average Long-Run Effects3.4 Adjustment Costs and Labor AllocationAppendix A3: (Two-State) Markov ProcessesReview ExercisesFurther ReadingReferences4. Growth in Dynamic General Equilibrium4.1 Production, Savings, and Growth4.2 Dynamic Optimization4.3 Decentralized Production and Investment Decisions4.4 Measurement of "Progress": the Solow Residual4.5 Endogenous Growth and Market ImperfectionsReview ExercisesFurther ExercisesReferences5. Coordination and Externalities in Macroeconomics5.1 Trading Externalities and Multiple Equilibria5.2 A Search Model of Money5.3 Search Externalities in the Labor Market5.4 Dynamics5.5 Externalities and EfficiencyReview ExercisesFurther ReadingReferencesAnswers to Exercises

Editorial Reviews

`'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 ofcoordination 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.''Harald Uhlig, Humboldt-Universitat zu Berlin