Models for dynamic macroeconomics phần 3 ppsx

... the static models studied in introductory microeconomic courses. As to investment costs, a formal treatment of the problem needs to 2 Dynamic Models of Investment Macroeconomic IS–LM models assign ... Incomplete Information, and Aggregate Consump- tion,” Econometrica, 63, 805–840. Romer, D. (2001) Advanced Macroeconomics, 2nd edn, New York: McGraw-Hill. Sargent, T. J. (1987) Dynamic...

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... CONTENTS xi 3. 2 The Dynamics of Employment 110 3. 3 Average Long-Run Effects 114 3. 3.1 Average employment 115 3. 3.2 Average profits 117 3. 4 Adjustment Costs and Labor Allocation 119 3. 4.1 Dynamic wage ... equilibria 182 5.2 .3 Implications 185 5 .3 Search Externalities in the Labor Market 188 5 .3. 1 Frictional unemployment 189 5 .3. 2 The dynamics of unemployment 191 5 .3. 3 Jo...

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... s t . (1 .34 ) Finally, substituting for y t and s t from (1 .31 ) and ( 1 .32 ), we obtain the following expression for the consumption change c t : c t = „ 1 y t−1 + „ 2 s t−1 + v t , (1 .35 ) where „ 1 = ... this form, with Î =0.44, is a fairly good statistical description of the (aggregate) income dynamics for the USA, as shown by Campbell and Deaton (1989) using quarterly data...

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... consequently draw a downward- sloping stationary locus for q. 30 The dynamics of q out of its stationary locus are governed by the dynamic equation (2 .32 ). For each level of output (that uniquely determines ... if the dynamic equation (2 .32 ) is solved forward, yielding the value of q(t 0 )asthe present discounted value of future dividends: 31 q(t 0 )=  ∞ t 0 (t) e −  t t 0...

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... Subtract- ing (3. 20) from (3. 19) and using (3. 22), we obtain W g − W b = Í. (3. 23) In equilibrium, the cost of mobility needs to be equal to the gain in terms of higher future income. Substituting (3. 23) ... N)/∂ N 2 = 0for i = b, g? And if this were true only for i = b? 104 LABOR MARKET that it will always be possible for them to react immediately, and without any cost, to future...

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... Labor Economics , vol. 3B, 2985 30 28, Amsterdam: North- Holland. Bertola, G. (20 03) “A Pure Theory of Job Security and Labor Income Risk,” Revie w of Economic Studies, 71(1): 43 61. F. D. Blau, and ... (1999) “Labor Market Institutions and Economic Performance,” in O. Ashenfelter and D. Card (eds.), Handbook of Labor Economics, vol. 3C, 30 29 30 84, Amster- dam: North-Holland. Saint-Paul,...

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... equilibrium with low (but non- zero) activity. For a formal analysis of the dynamics we linearize the system of dynamic equations (5.1) and (5. 13) around a generic equilibrium ( ¯ e, ¯ c ∗ ). In ... B. Taylor and M. Woodford (eds.), Handbook of Macroeconomics, vol. 1A, 637 –667, Amsterdam: North-Holland. 174 COORDINATION AND EXTERNALITIES Figure 5.1. Stationarity loci for e and c ∗ ho...

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... in (5 .30 ) and (5 .31 ) and combining the resulting expressions for J , we get J = c/q(Ë) J =(y − w)/(r + s)  ⇒ y −w =(r + s ) c q(Ë) . (5 .34 ) Equation (5 .30 ) gives us the first expression for J ... equation (5 .31 ) with dynamic programming arguments, supposing that ˙ J =0 and following the argument outlined in Section 5.1 to obtain equations (5 .3) and (5.4). Subtracting (5 .30 )...

Ngày tải lên: 09/08/2014, 19:21

... 1990s,” Centre for Economic Performance Dis- cussion Paper 502; forthcoming in P. Aghion, R. Frydman, J. Stiglitz, and M. Woodford (eds.), Knowledge, Information and Expectations in Modern Macroeconomics: ... stochastic process for labor income, we have (E t+1 − E t ) y t+1 = ε t+1 , (E t+1 − E t ) y t+2 = −‰ε t+1 , (E t+1 − E t ) y t+i = 0 for i > 2. Applying the general formula f...

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... model, 132 stationarity, 16 steady-state, 59, 61, 137 optimal savings, 140 stochastic process, 3, 82 ARMA, 16 Taylor expansion, 118 transversality condition, 4, 53, 54, 59, 60, 62, 139 , 1 43 user ... need for a further increase in e to maintain a constant level of employment, because for c ∗ ≥ 1allproductionoppor- tunities are accepted. The locus of stationary points is thus vertica...

Ngày tải lên: 09/08/2014, 19:21