Introduction to Dynamic Macroeconomic Theory: An Overlapping Generations Approach by George MccandlessIntroduction to Dynamic Macroeconomic Theory: An Overlapping Generations Approach by George Mccandless

Introduction to Dynamic Macroeconomic Theory: An Overlapping Generations Approach

byGeorge Mccandless, Neil Wallace

Hardcover | January 1, 1992

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George McCandless is an economist at the Central Bank of Argentina.
George McCandless is an economist at the Central Bank of Argentina.
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Title:Introduction to Dynamic Macroeconomic Theory: An Overlapping Generations ApproachFormat:HardcoverDimensions:384 pages, 9.25 × 6.13 × 0 inPublished:January 1, 1992Publisher:HarvardLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0674461118

ISBN - 13:9780674461116

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Table of Contents

Preface

PART ONE: REAL ECONOMIES

1. Describing the EnviromentTime

The Population

Total Resources

Feasible Consumption Allocations

Efficient Consumption Allocations

Preferences

Pareto Optimality

Reprise

2. Competitive Equilibrium

Private Ownership

Competitive Intragenerational Trade

Consumption Decisions

An Example

Savings Function

Competitive Equilibrium

An Example of a Competitive Equilibrium

Reprise

3. Introducing a Government

Taxes

Government Borrowing

Ricardian Equivalence

Rolling Over Government Debt

Equivalence between Equilibria with Bonds and Tax-Transfer Schemes

Reprise

Appendix: Proof of Ricardian Equivalence

4. Bequests

Generation 0 Cares about Generation 1

Diversity within Generations

All Generation Care about Their Children

Reprise

5. Long-Term Government Bonds

k-Period Bonds

Temporary Equilibrium

Perfect Foresight

Term Structure of Interest Rates

Reprise

6. Infinitely Lived Assets

Temporary Equilibrium with Land

An Example

A Price Function

Perfect Foresight Competitive Equilibria

Three Example Economies

The Price of Land and the Crop

International Capital Movements

Reprise

7. Equilibrium Fluctuations

Real Cycles

Multiple Nonstationary Equilibria

Equilibria with the Crop

Reprise

8. A Storage Technology

Feasible Allocations

Competitive Equilibrium

Finding a Competitive Equilibrium

Reprise

9. The Neoclassical Growth Model

The Physical Environment and the Feasible Allocations

Equilibrium Outputs, Inputs, and Factor Rentals at Each Date

The Individual Choice Decision under Perfect Foresight

A Definition of Equilibrium

Equilibrium Paths when n=1 and g=0

Equilibrium Paths when n>1 and g=0

Equilibrium Paths when n=1 and g>0

Differential Savings Rates

Reprise

PART TWO: MONETARY ECONOMIES

10. Money and Inflation

Equilibria with fixed Money Supply

Fiat Money and Other Assets

Inflation

Money Creation and Inflation

Seignorage

Nonoptimality of Seignorage

Reprise

11. Multiple Currencies and Exchange Rates

Independence with Laissez-Faire Floating Rates

Seignorage in a Multiple Money World

Portfolio Autarky Regimes

Reprise

12. Legal Restrictions and Monetary Policy

Comsumption Choice under Credit Controls

Equilibrium Conditions under Credit Controls

Monetary Policy

The Government

Individual Choice with Requirements and No Government Bonds

Equilibrium with Reserve Requirements and No Government Bonds

A Two-Group Example of a Binding Equilibrium

Large Denomination Bonds

Stationary Equilibrium with Large Denomination Bonds

Reprise

References

Index