## 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. |

### From inside the book

Results 1-3 of 21

Page 171

The

points where p(t) = p(t + 1)] crosses each of the three curves at the stationary

equilibrium price of land for economy 1 with the appropriate size crop. The

shapes of the ...

The

**45**-**degree line**[the line from the origin to point (1, 1), which is the set ofpoints where p(t) = p(t + 1)] crosses each of the three curves at the stationary

equilibrium price of land for economy 1 with the appropriate size crop. The

shapes of the ...

Page 282

occurs at point c2. The amount of tax that the government extracts from this

individual can be found by drawing a

above the point Wj on the abscissa, the vertical distance between the endowment

point ...

occurs at point c2. The amount of tax that the government extracts from this

individual can be found by drawing a

**45**-**degree line**through point c2. Directlyabove the point Wj on the abscissa, the vertical distance between the endowment

point ...

Page 357

pie. The points c1 and c2 are the consumption points for individuals who hold

either money or bonds, respectively. The

represents the set of symmetric allocations that are possible when the

government ...

pie. The points c1 and c2 are the consumption points for individuals who hold

either money or bonds, respectively. The

**45**-**degree line**running through point c1represents the set of symmetric allocations that are possible when the

government ...

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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 Proposition purchase quantity rate of growth 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