## 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 279

1 = a — 1. pm(t +1) The equilibrium inflation rate is equal to the gross rate of

increase of the money supply minus 1, or u. — 1. In a

of increase ...

1 = a — 1. pm(t +1) The equilibrium inflation rate is equal to the gross rate of

increase of the money supply minus 1, or u. — 1. In a

**stationary monetary****equilibrium**, it is fairly simple to calculate the amount of seignorage for each rateof increase ...

Page 320

To study stationary equilibria, we set x(t) = x, for all t. In a

study different stationary equilibria where x has different values and to compare

the ...

To study stationary equilibria, we set x(t) = x, for all t. In a

**stationary monetary****equilibrium**(from Proposition 10.2), we know that seignorage equals We wish tostudy different stationary equilibria where x has different values and to compare

the ...

Page 339

EXERCISE 12.5 Find the

100 identical individuals in each generation, all of whom have an endowment of [

2, 1], and utility function of cht(t)ch,(t + 1). The reserve requirement A = V2, and

the ...

EXERCISE 12.5 Find the

**stationary monetary equilibrium**for an economy with100 identical individuals in each generation, all of whom have an endowment of [

2, 1], and utility function of cht(t)ch,(t + 1). The reserve requirement A = V2, and

the ...

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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