## Introduction to Dynamic Macroeconomic Theory: An Overlapping Generations ApproachEconomies are constantly in flux, and economists have long sought reliable means of analysing their dynamic properties. This book aims to provide a succinct and accessible exposition of modern dynamic (or intertemporal) macroeconomics. |

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Page 177

In every period after that, 15 units of the good flow from country W to country V.

That

in country W that is owned by the citizens of country V. Consider the above ...

In every period after that, 15 units of the good flow from country W to country V.

That

**amount**of goods is equal to the**amount**of crop that is thrown off by the landin country W that is owned by the citizens of country V. Consider the above ...

Page 210

This X can be any nonnegative number, but it does not vary with the

the good that is stored. If k units of the time t good are stored by an individual,

where k is any nonnegative number, then \k units of the time t + 1 good are the

result ...

This X can be any nonnegative number, but it does not vary with the

**amount**ofthe good that is stored. If k units of the time t good are stored by an individual,

where k is any nonnegative number, then \k units of the time t + 1 good are the

result ...

Page 269

This quantity of money, M(t), is the

period t + 1. Because only the young at date t will be purchasing money, M(t) is

the total

This quantity of money, M(t), is the

**amount**that generation t can carry over intoperiod t + 1. Because only the young at date t will be purchasing money, M(t) is

the total

**amount**they can purchase. Consider economy 2 except that M(t) is no ...### What people are saying - Write a review

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### Contents

Describing the Environment | 5 |

Competitive Equilibrium | 32 |

Introducing a Government | 55 |

Copyright | |

10 other sections not shown

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### Common terms and phrases

45-degree line A-period bonds aggregate savings function amount arbitrage assets autarky Bailey curve bequests bliss point borrowing and lending budget line capital stock Chapter chooses competitive equilibrium Consider an economy consumption allocation consumption point consumption when old consumption when young credit controls crop endowment point equal Equation equilib equilibrium condition equilibrium price example economy exchange rate EXERCISE expected price fiat money Figure given gives government bonds government revenues gross interest rate growth rate hold indifference curve individual h inflation labor lifetime budget constraint market clearing maximize member h money creation money supply output Pareto optimal Pareto superior perfect foresight period person h pm(t present value price of land price path price sequence private borrowing production function Proposition purchase quantity rate of return reserve requirement restrictions result Ricardian equivalence seignorage solve stationary equilibrium stationary monetary equilibrium storage sumption tax-transfer scheme taxes and transfers temporary equilibrium tion utility function