## 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 45

that satisfy the following two conditions: (i) The quantities that are relevant for a ...

**Competitive Equilibrium**We begin with a general definition of a**competitive****equilibrium**. Definition A**competitive equilibrium**is a set of prices and quantitiesthat satisfy the following two conditions: (i) The quantities that are relevant for a ...

Page 54

The equilibrium gross interest rate is given to us by the price line that passes

through point w and is tangent to the ... Reprise A

sequence of prices (gross interest rates) and a consumption allocation in which

all ...

The equilibrium gross interest rate is given to us by the price line that passes

through point w and is tangent to the ... Reprise A

**competitive equilibrium**is asequence of prices (gross interest rates) and a consumption allocation in which

all ...

Page 215

Assembling the above equilibrium conditions, we can write the following

definition. Definition A perfect foresight

with storage and land is a nonnegative sequence of land prices and interest rates

and of ...

Assembling the above equilibrium conditions, we can write the following

definition. Definition A perfect foresight

**competitive equilibrium**for an economywith storage and land is a nonnegative sequence of land prices and interest rates

and of ...

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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