## 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 86

Page 37

The left-hand side of Equation (2.3)

terms of time t good added to the time / value of consumption at time t + 1. In other

words, the left-hand side of the equation

The left-hand side of Equation (2.3)

**gives**the value of the consumption at time t interms of time t good added to the time / value of consumption at time t + 1. In other

words, the left-hand side of the equation

**gives**the current or present value of ...Page 145

though things other than what we normally think of as land have these kinds of

properties. There is a certain fixed amount of it, denoted A (measured in hectares,

acres, or whatever is the locally popular unit of measure). The A units of land

...

though things other than what we normally think of as land have these kinds of

properties. There is a certain fixed amount of it, denoted A (measured in hectares,

acres, or whatever is the locally popular unit of measure). The A units of land

**give**...

Page 362

Solving for rb

+ — .4). The above two equations can be solved analytically. Setting the right

sides of these two equations equal to each other, which we can do since they

both ...

Solving for rb

**gives**us the equations rb = .8 + 1.667(1 - rm)^l - and rb = 1.190(rm+ — .4). The above two equations can be solved analytically. Setting the right

sides of these two equations equal to each other, which we can do since they

both ...

### What people are saying - Write a review

We haven't found any reviews in the usual places.

### Contents

Describing the Environment | 5 |

Competitive Equilibrium | 32 |

Introducing a Government | 55 |

Copyright | |

10 other sections not shown

### Other editions - View all

### 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