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Dynamic Macroeconomic Analysis: Theory and Policy in General Equilibrium

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This collection of essays applies modern micro-founded macroeconomic models to some of the most important economic policy questions facing monetary and macroeconomic policymakers. Key issues surveyed include: consumption investment; growth and business cycles; the role of government; asset pricing; the interaction of monetary and fiscal policy; open-economy issues; stabilization policy and general equilibrium analysis of emerging market crises. The book includes specially commissioned chapters from recognized authorities.

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Product Details

  • ISBN-13: 9780521826686
  • Publisher: Cambridge University Press
  • Publication date: 12/8/2003
  • Pages: 604
  • Product dimensions: 6.85 (w) x 9.72 (h) x 1.30 (d)

Meet the Author

Sumru Altug is Professor at Koc University, Turkey. She is the joint author of Dynamic Choice and Asset Markets (with Pamela Labadie), 1995.

Jagjit Chadha is Lecturer in Economics at Cambridge University and Fellow of Clare College, Cambridge.

Charles Nolan is Lecturer in the Department of Economics and Finance at the University of Durham.

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Table of Contents

Foreword William Brock; 1. The application of stochastic dynamic programming methods to household consumption and saving decisions: a critical survey Jim Pemberton; 2. Investment dynamics Fanny S. Demers, Michael Demers and Sumru Altug; 3. Taxes and welfare in a stochastically growing economy Stephen J. Turnovsky; 4. Recent developments in the microeconomic stabilisation literature: Is price stability a good stabilisation strategy? Matt Canzoneri, Robert Cumby and Behzad Diba; 5. On the interaction of monetary and fiscal policy Jagjit Chadha and Charles Nolan; 6. Dynamic general equilibrium analysis: the open economy dimension Philip Lane and Giovanni Ganelli; 7. Credit frictions and 'sudden stops' in small open economies: an equilibrium business cycle framework for emerging markets crises Cristina Arellano and Enrique Mendoza; 8. Asset pricing in macroeconomic models Paul Söderlind; 9. Labor market search and monetary shocks Carl Walsh; 10. On the introduction of endogenous labor income in deterministic and stochastic endogenous growth models Stephen J. Turnovsky; 11. Growth and business cycles Gabriel Talmain.

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