Methods of Macroeconomic Dynamics / Edition 1

Methods of Macroeconomic Dynamics / Edition 1

by Stephen J. Turnovsky
     
 

ISBN-10: 0262200988

ISBN-13: 9780262200981

Pub. Date: 11/28/1995

Publisher: MIT Press

Just as macroeconomic models describe the overall economy within a changing, or dynamic, 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

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Overview

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 The book includes cutting-edge research and unpublished data, including much of the author's own work.

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Product Details

ISBN-13:
9780262200981
Publisher:
MIT Press
Publication date:
11/28/1995
Edition description:
Older Edition
Pages:
550
Product dimensions:
7.31(w) x 10.35(h) x 1.48(d)

Table of Contents

Preface to Second Edition
Preface to First Edition
1Introduction and Overview1
ITraditional Macrodynamics15
2A Dynamic Portfolio Balance Macroeconomic Model17
IIRational Expectations65
3Rational Expectations: Some Basic Issues67
4Rational Expectations and Policy Neutrality97
5Nonuniqueness Issues in Rational Expectations Models131
6Macroeconomic Stabilization Policy under Rational Expectations153
7Rational Expectations and Saddlepoint Behavior187
IIIIntertemporal Optimization225
8The Representative Agent Model227
9Equilibrium in a Decentralized Economy with Distortionary Taxes and Inflation279
10A Dynamic Analysis of Taxes317
11The Representative Agent in the International Economy349
12Optimal Monetary and Fiscal Policy387
IVEndogenous Growth Models417
13Endogenous Growth Models and Balanced Growth Paths419
14Long-Run Growth and Transitional Dynamics487
VContinuous-Time Stochastic Models537
15Cotinuous-Time Stochastic Optimization539
16A Stochastic Intertemporal Model of a Small Open Economy589
References639
Name Index661
Subject Index665

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