Introduction to Dynamic Macroeconomic Theory
An Overlapping Generations Approach
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Introduction to Dynamic Macroeconomic Theory by George T. McCandless
Book DescriptionEconomies are constantly in flux, and economists have long sought reliable means of analyzing their dynamic properties. This book aims to provide a succinct and accessible exposition of modern dynamic (or intertemporal) macroeconomics. The authors use a microeconomics-based general equilibrium framework, specifically the overlapping generations model, which assumes that in every period there are two generations which overlap. This model allows the authors to describe economies over time and to employ traditional welfare analysis to judge the effects of various policies. By choosing to keep the mathematical level simple and to use the same modelling framework throughout, the authors are able to address many subtle economic issues. They analyze savings, social security systems, the determination of interest rates and asset prices for different types of assets, Ricardian equivalence, business cycles, chaos theory, investment, growth, and a variety of monetary phenomena. Each result is illustrated with analytical derivations, graphically, and by worked-out examples. Exercises, which are strategically placed, are an integral part of the book.
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Book DetailsISBN: 9780674461116
(235mm x 155mm x 28mm)
Imprint: Harvard University Press
Publisher: Harvard University Press
Publish Date: 3-Feb-1992
Country of Publication: United States
Books By Author George T. McCandless
ABCs of RBCs, Hardback (March 2008)» View all books by George T. McCandless
Offers an introduction to Real Business Cycle (RBC) and New-Keynesian models. This book teaches economic practitioners or students how to build RBC models. It also provides Matlab code for solving many of the models.
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Author Biography - George T. McCandless
George McCandless is an economist at the Central Bank of Argentina.
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