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Description - Methods of Macroeconomic Dynamics by Stephen J. Turnovsky

Just as macroeconomic models describe the overall economy within a changing, or dynamical, framework, the models themselves change over time. 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 close 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 The book includes cutting-edge research and unpublished data, including much of the author's own work.

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Book Details

ISBN: 9780262201230
ISBN-10: 0262201232
Format: Hardback
(229mm x 178mm x 36mm)
Pages: 687
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 18-Jan-2000
Country of Publication: United States

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Author Biography - Stephen J. Turnovsky

Stephen J. Turnovsky is Professor of Economics at the University of Washington.

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