## 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 137

This works only if the basic structure of the

The function /(•) will change with time if the endowments, ... EXERCISE 5.6

25 bonds, ...

This works only if the basic structure of the

**economy**is the same each period.The function /(•) will change with time if the endowments, ... EXERCISE 5.6

**Consider**the**economy**of Exercise 5.3. Suppose the government at time 1 sells25 bonds, ...

Page 170

EXERCISE 6.8 Find an equilibrium for economy 1, except that d(t) = 0.5 for all t.

EXERCISE 6.9 Show that p(t) = p, for some constant p, and p(t + 1) = l.lp(t) are not

equilibria for economy 3. EXERCISE 6.10

EXERCISE 6.8 Find an equilibrium for economy 1, except that d(t) = 0.5 for all t.

EXERCISE 6.9 Show that p(t) = p, for some constant p, and p(t + 1) = l.lp(t) are not

equilibria for economy 3. EXERCISE 6.10

**Consider economy**1 but with d(t) = d ...Page 320

If aggregate savings increase, then the seignorage that the government will gain

from increasing the money supply at rate u. will also increase. EXERCISE 12.2

...

If aggregate savings increase, then the seignorage that the government will gain

from increasing the money supply at rate u. will also increase. EXERCISE 12.2

**Consider an economy**with N(t) = 30. All members of this economy have the utility...

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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