On Time: Lectures on Models of Equilibrium

On Time: Lectures on Models of Equilibrium

by Peter A. Diamond
     
 

ISBN-10: 0521462894

ISBN-13: 9780521462891

Pub. Date: 12/28/2010

Publisher: Cambridge University Press

These two lectures explore how time is modeled in theoretical analyses of individual industries and of the entire economy. The atemporal Marshallian model is contrasted with an explicit time model with uncertainty about costs at the firm level. The book also examines data on job creation and job destruction; price setting behavior in monopolistic competition and

Overview

These two lectures explore how time is modeled in theoretical analyses of individual industries and of the entire economy. The atemporal Marshallian model is contrasted with an explicit time model with uncertainty about costs at the firm level. The book also examines data on job creation and job destruction; price setting behavior in monopolistic competition and costly search models; data on price changes; and both cyclical and seasonal data on the entire economy. With a focus on the command over purchasing power, the Arrow-Debreu and Hicksian ISLM models are compared with a number of explicit time models.

Product Details

ISBN-13:
9780521462891
Publisher:
Cambridge University Press
Publication date:
12/28/2010
Series:
Churchill Lectures in Economics Series
Pages:
136
Product dimensions:
5.43(w) x 8.50(h) x 0.43(d)

Table of Contents

Preface; Lecture I. Modelling an Industry: 1. Short run and long run; 2. Pricing; Lecture II. Modelling an Economy: 3. Short run and long run; 4. Money, income and credit; References; Index.

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