## 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 145

The A units of land give off a total

period t. We assume that the

need to tend the land in any way. We want to be able to divide the land so that

equal ...

The A units of land give off a total

**crop**of D(t) units of the time t good in eachperiod t. We assume that the

**crop**, D(t), simply appears on the land; there is noneed to tend the land in any way. We want to be able to divide the land so that

equal ...

Page 171

The 45-degree line [the line from the origin to point (1, 1), which is the set of

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

shapes of the ...

The 45-degree line [the line from the origin to point (1, 1), which is the set of

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**. Theshapes of the ...

Page 201

The addition of even the smallest amount of

zero-price stationary equilibrium and the entire set of price paths that converged

to 0. With the utility functions of Chapter 6, any small amount of

The addition of even the smallest amount of

**crop**to the economy removed thezero-price stationary equilibrium and the entire set of price paths that converged

to 0. With the utility functions of Chapter 6, any small amount of

**crop**guaranteed ...### What people are saying - Write a review

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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