## 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 161

variables such that the time t values are a time t temporary

economy with land where p'(t + 1) = p(t + I). In a perfect foresight competitive

the ...

variables such that the time t values are a time t temporary

**equilibrium**for aneconomy with land where p'(t + 1) = p(t + I). In a perfect foresight competitive

**equilibrium**, the**price**of land that is expected to hold in the next period is alwaysthe ...

Page 173

The upper stationary equilibrium is called a repeller in the sense that a price

sequence that begins near it (but not exactly at the stationary

will start a path that moves away from that stationary

the ...

The upper stationary equilibrium is called a repeller in the sense that a price

sequence that begins near it (but not exactly at the stationary

**equilibrium price**)will start a path that moves away from that stationary

**equilibrium**.**Prices**abovethe ...

Page 204

0.2 0.4 0.6 time t+3 price Figure 7.9c 0.8 curve in Figure 7.9b ends at p(t + 2) = .

95 and p(t) = .43. In Figure 7.9a one can see ... This path is an

path with a two-period cycle oscillating between .27 and .93. Figure 7.9c shows

g3( ) ...

0.2 0.4 0.6 time t+3 price Figure 7.9c 0.8 curve in Figure 7.9b ends at p(t + 2) = .

95 and p(t) = .43. In Figure 7.9a one can see ... This path is an

**equilibrium price**path with a two-period cycle oscillating between .27 and .93. Figure 7.9c shows

g3( ) ...

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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