## 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 268

The non- stationary equilibrium that you described in Exercise 10.2 is an

example of an economy with inflation. The price of money goes ... Are

Refer to ...

The non- stationary equilibrium that you described in Exercise 10.2 is an

example of an economy with inflation. The price of money goes ... Are

**stationary****monetary equilibria**Pareto superior to nonmonetary equilibria in this economy?Refer to ...

Page 287

The following three propositions hold for

carefully how each proposition is more specific than the one before it. You will be

asked to prove the first two propositions yourself, and we will illustrate how to

prove ...

The following three propositions hold for

**stationary monetary equilibria**. Notecarefully how each proposition is more specific than the one before it. You will be

asked to prove the first two propositions yourself, and we will illustrate how to

prove ...

Page 339

EXERCISE 12.5 Find the

100 identical individuals in each generation, all of whom have an endowment of [

2, 1], and utility function of ch,(t)ch,(t + 1). The reserve requirement A = xk, and the

...

EXERCISE 12.5 Find the

**stationary monetary equilibrium**for an economy with100 identical individuals in each generation, all of whom have an endowment of [

2, 1], and utility function of ch,(t)ch,(t + 1). The reserve requirement A = xk, and the

...

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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