## 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 250

An interesting characteristic of this economy is that the limit of the

of the capital stock is greater than the

calculate the limit of the growth rate in a manner similar to the one we used at the

end ...

An interesting characteristic of this economy is that the limit of the

**rate of growth**of the capital stock is greater than the

**rate of growth**of technology. We cancalculate the limit of the growth rate in a manner similar to the one we used at the

end ...

Page 255

that the limit of the

section, does not depend on the value of k, but only on the values of a and g.

Therefore, the limiting

that the limit of the

**rate of growth**of the capital stock that we found in the abovesection, does not depend on the value of k, but only on the values of a and g.

Therefore, the limiting

**rate of growth**of the capital stock, and of output, is not ...Page 303

supply at time t, i — A and B. Each of these equations can be solved for the

+ p*(t)EMB(t - 1) and u.B(/) = / R -. (11.6) pA(t)EMB(t - 1) Substituting these

...

supply at time t, i — A and B. Each of these equations can be solved for the

**growth rate**of the money supply. These are gA + />A(r)MA(< - 1) pA(t)MA(t - 1) gB+ p*(t)EMB(t - 1) and u.B(/) = / R -. (11.6) pA(t)EMB(t - 1) Substituting these

**growth**...

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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