## 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 17

Page 63

Suppose that a government is interested in choosing an optimal

Pareto optimal symmetric allocations. In particular, we are looking for the smallest

...

Suppose that a government is interested in choosing an optimal

**tax**-**transfer****scheme**for its economy. By optimal, we mean**tax**-**transfer schemes**that result inPareto optimal symmetric allocations. In particular, we are looking for the smallest

...

Page 91

Recall that

goods and that an intergenerational transfer of goods is the object of bequests. It

may even happen that the way the bequests depend on the

is ...

Recall that

**tax**-**transfer schemes**provide for the intergenerational transfer ofgoods and that an intergenerational transfer of goods is the object of bequests. It

may even happen that the way the bequests depend on the

**tax**-**transfer scheme**is ...

Page 290

At each date t, the lump-sum tax and transfer scheme that we have proposed

raises exactly the same amount of revenue. To see this, use Equation (10.2) and

substitute in the

substitution ...

At each date t, the lump-sum tax and transfer scheme that we have proposed

raises exactly the same amount of revenue. To see this, use Equation (10.2) and

substitute in the

**tax**-**transfer scheme**described in Equation (10.3). Thissubstitution ...

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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