## 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 35

A young person who lends the

the

) of the time t good pays back when old the

A young person who lends the

**quantity**of the time t good receives back when oldthe

**quantity**r(t)(h(t) of the time t + 1 good. Likewise, a borrower of the**quantity**(h(t) of the time t good pays back when old the

**quantity**r(t)th(t) of the time t + 1 ...Page 147

An Overlapping Generations Approach George T. McCandless, Neil Wallace. the

conditions of ownership we mentioned above. This assumption restricts

individual holdings of land to be nonnegative. At every time t, the entire

of land ...

An Overlapping Generations Approach George T. McCandless, Neil Wallace. the

conditions of ownership we mentioned above. This assumption restricts

individual holdings of land to be nonnegative. At every time t, the entire

**quantity**of land ...

Page 249

Technological improvements that favor capital (called capital augmenting) can be

described by a production function of the form where {yK(t)K(tj} is the

technology-augmented capital. In Equation (9.9), an increase in 7L(<) is called ...

Technological improvements that favor capital (called capital augmenting) can be

described by a production function of the form where {yK(t)K(tj} is the

**quantity**oftechnology-augmented capital. In Equation (9.9), an increase in 7L(<) is called ...

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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