## 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 47

From

consumption when young must equal that person's demanded consumption.

When we combine these two ideas, we find that it must be true in

for all ...

From

**condition**(i) of the definition of a competitive**equilibrium**, each person'sconsumption when young must equal that person's demanded consumption.

When we combine these two ideas, we find that it must be true in

**equilibrium**that,for all ...

Page 127

Definition Given •), wf, tk,, pk-\(t + 1)}, a time t temporary equilibrium is a pair of

prices [r(t), pk(t)] suc^ that th*

present value condition), and (it) S,(r(t)) = pk(t)Bk(t) (utility maximization and

market ...

Definition Given •), wf, tk,, pk-\(t + 1)}, a time t temporary equilibrium is a pair of

prices [r(t), pk(t)] suc^ that th*

**equilibrium conditions**(i) r(t)pk(t) = pk-\(t + 1) (present value condition), and (it) S,(r(t)) = pk(t)Bk(t) (utility maximization and

market ...

Page 215

Assembling the above

definition. Definition A perfect foresight competitive equilibrium for an economy

with storage and land is a nonnegative sequence of land prices and interest rates

and of ...

Assembling the above

**equilibrium conditions**, we can write the followingdefinition. Definition A perfect foresight competitive equilibrium for an economy

with storage and land is a nonnegative sequence of land prices and interest rates

and of ...

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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