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Methods of macroeconomic dynamics. 2nd. ed.

Опубликовано на портале: 28-10-2003
Cambridge, Mass: MIT Press, 2000, 671 с.
Тематический раздел:
A comprehensive treatment of dynamic modeling and intertemporal general equilibrium macroeconomics for first- and second-year graduate students. The focus is on key macroeconomic models to show how dynamic modeling is used to analyze the effects of policy on economic growth and performance. Four sections cover traditional macrodynamics, rational expectations, intertemporal optimization, and continuous-time stochastic models, as well as current topics in macroeconomics such as distortionary taxation, endogenous growth, and open economy issues.

In this text Stephen J. Turnovsky reviews in depth several early models as well as a representation of more recent models. They include traditional (backward-looking) models, linear rational expectations (future-looking) models, intertemporal optimization models, endogenous growth models, and continuous time stochastic models. The author uses examples from both closed and open economies. Whereas others commonly introduce models in a closed context, tacking on a brief discussion of the model in an open economy, Turnovsky integrates the two perspectives throughout to reflect the increasingly international outlook of the field.

This new edition has been extensively revised. It contains a new chapter on optimal monetary and fiscal policy, and the coverage of growth theory has been expanded substantially. The range of growth models considered has been extended, with particular attention devoted to transitional dynamics and nonscale growth. The book includes cutting-edge research and unpublished data, including much of the author's own work.

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  1. Introduction and Overview
      1.1 The Evolution of Macrodynamics
      1.2 Scope of the Book
      1.3 Outline of the Book


  2. A Dynamic Portfolio Balance Macroeconomic Model
      2.1 Some Preliminary Concepts
      2.2 The Output Market
      2.3 The Financial Sector
      2.4 Equilibrium in Product and Money Markets
      2.5 The Supply Function
      2.6 The Phillips Curve
      2.7 Dynamics of Asset Accumulation
      2.8 Expectations
      2.9 A Complete Dynamic Macro Model
      2.10 Fixed Real Stock of Money Policy
      2.11 Constant Rate of Nominal Monetary Growth Policy
      2.12 Fixed Real Stock of Government Bonds Policy
      2.13 Conclusions: Some Methodological Remarks


  3. Rational Expectations: Some Basic Issues
      3.1 The Rational Expectations Hypothesis
      3.2 Specification of Expectations in Continuous-Time Models
      3.3 The Cagan Monetary Model
      3.4 Forward-Looking Solution to Cagan Model
      3.5 Discrete-Time Cagan Model
      3.6 Bubbles
      3.7 Learning

  4. Rational Expectations and Policy Neutrality
      4.1 The Lucas Supply Function
      4.2 A Complete Rational Expectations Macro Model
      4.3 The Lucas Critique and Policy Neutrality
      4.4 Robustness of Policy Neutrality Proposition
      4.5 Full Information Level of Output
      4.6 Alternative Information Set
      4.7 Persistence of Shocks and Business Cycles
      4.8 Conclusions

  5. Nonuniqueness Issues in Rational Expectations Models
      5.1 The Taylor Model
      5.2 Nonuniqueness Due to Policy
      5.3 Critique of Minimum Variance Criterion
      5.4 The Minimum State Representation Solution
      5.5 Some Objections to the Minimum State Representation Solution
      5.6 Characterization of Solutions of General Rational Expectations Systems
      5.7 A Nonlinear Macrodynamic Model
      5.8 Endogeneity of Coefficients
      5.9 Some Final Comments

  6. Macroeconomic Stabilization Policy under Rational Expectations
      6.1 Wage Indexation
      6.2 Monetary Instrument Problem
      6.3 Generalized Disturbances and the Role of Information
      6.4 A Rational Expectations Model of a Small Open Economy
      6.5 General Solution
      6.6 Jointly Optimal Wage Indexation and Monetary Policies
      6.7 The Barro-Gordon Model
      6.8 Conclusions

  7. Rational Expectations and Saddlepoint Behavior
      7.1 Saddlepoint Behavior
      7.2 Example 1: Cagan Model with Sluggish Wages
      7.3 Example 2: Term Structure of Interest Rates
      7.4 Example 3: Exchange Rate Dynamics


  8. The Representative Agent Model
      8.1 Introduction
      8.2 The Framework and Macroeconomic Equilibrium
      8.3 Sustainability of Equilibrium
      8.4 Unanticipated Permanent Increase in Government Expenditure
      8.5 Temporary Increase in Government Expenditure
      8.6 Government Expenditure as a Productive Input
      8.7 Term Structure of Interest Rates
      8.8 Money in the Utility Function
      8.9 Population Growth
      8.10 The Representative Agent Model: Some Caveats

  9. Equilibrium in a Decentralized Economy with Distortionary Taxes and Inflation
      9.1 Introduction
      9.2 The Macroeconomic Structure
      9.3 Perfect Foresight Equilibrium
      9.4 Determination of Optimality Conditions for Households
      9.5 Determination of Optimality Conditions for Firms
      9.6 Equilibrium Structure and Dynamics of System
      9.7 Steady State
      9.8 Characterization of Alternative Steady States
      9.9 Dynamic Response to Monetary Expansion
      9.10 Interior Debt-Equity Ratio
      9.11 A Final Comment

  10. A Dynamic Analysis of Taxes
      10.1 Introduction
      10.2 The Framework
      10.3 Macroeconomic Equilibrium
      10.4 Steady-State Effects
      10.5 Transitional Dynamics
      10.6 The Dynamics of Policy Shocks
      10.7 Short-Run Effects of Increases in Tax Rates
      10.8 Tax Incidence

  11. The Representative Agent in the International Economy
      11.1 Introduction
      11.2 Basic Monetary Model
      11.3 Real Model of Capital Accumulation
      11.4 Some Extensions

  12. Optimal Monetary and Fiscal Policy
      12.1 A Simplified Intertemporal Model
      12.2 Optimal Government Policies: A General Characterization
      12.3 Optimal Monetary Growth
      12.4 Optimal Monetary-Fiscal Package
      12.5 Recent Developments in Optimal Monetary Policy
      12.6 Optimal Taxation of Capital
      12.7 Externalities and Optimal Taxation of Capital
      12.8 Dynamic Inconsistency


  13. Endogenous Growth Models and Balanced Growth Paths
      13.1 Introduction and Overview
      13.2 Externalities and Ongoing Growth
      13.3 Integrated Fiscal Policy and Endogenous Growth
      13.4 A Linear Endogenous Growth Model
      13.5 Productive Government Expenditure
      13.6 Tax Policy, Growth, and Government Budget Balance
      13.7 Long-run Balance, Welfare, and Optimal Fiscal Policy
      13.8 Endogenous Labor Supply
      13.9 Conclusions

  14. Long-Run Growth and Transitional Dynamics
      14.1 Public and Private Capital
      14.2 Two-Sector Model and Endogenous Growth
      14.3 The Ortigueira-Santos Model
      14.4 Non-Scale Models of Economic Growth
      14.5 A One-Sector NonScale Model
      14.6 A General Two-Sector Model of Growth
      14.7 Some Final Comments


  15. Continuous-Time Stochastic Optimization
      15.1 Introduction
      15.2 Some Basic Results from Continuous-Time Stochastic Calculus
      15.3 A Basic Stochastic Intertemporal Model
      15.4 Two Examples
      15.5 Proportional Disturbances and Stochastic Growth
      15.6 Some Extensions
      15.7 Some Previous Applications of Continuous-Time Stochastic Methods to Economics
      15.8 Real Business Cycle Model

  16. A Stochastic Intertemporal Model of a Small Open Economy
      16.1 Introduction
      16.2 The Analytical Framework
      16.3 Macroeconomic Equilibrium
      16.4 Equilibrium Properties
      16.5 Risk and the Equilibrium Growth Rate
      16.6 Applications to Issues in International Finance
      16.7 Monetary Policy and Optimal Exchange Rate Management
      16.8 Optimal Debt Policy


    Name Index

    Subject Index

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CESifo Worling Papers. 2005.  No. 1522.
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Richard B. Freeman
Labour Economics. 1998.  Vol. Vol. 5 . No. 1. P. 124. 
Donald J. Brown, Abraham Robinson
Econometrica. 1975.  Vol. 43. P. 41-55. 
Fisher Black
Journal of Financial Economics. 1974.  Vol. 4. No. 1. P. 337-52 .