Models for dynamic macroeconomics phần 7 ppt

... of Macroeconomics, vol. 1A, 6 37 6 67, Amsterdam: North-Holland. 174 COORDINATION AND EXTERNALITIES Figure 5.1. Stationarity loci for e and c ∗ however, if we limit attention to steady states for ... Proceedings), 77 , 56 72 . Solow, R. M. (1956) “A Contribution to the Theory of Economic Growth,” Quarterly Journal of Economics, 70 , 65–94. (1999) “Neoclassical Growth Theory,” in J. B....

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... E t+1 [·]is therefore based on a broader information set than that at E t [·]. ³⁴ We could have adopted other conventions for the timing of the exogenous and endogenous stock variables. For example, ... version of the irreversible investment problem solved here. For a very complex model of irreversible investment and dynamic aggregation, and for further references, see Bertola and C...

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... qualitatively realistic enough to offer practical implications for the dynamics of labor market flows, for the steady state of the economy, and for the dynamic adjustment process towards the steady state. COORDINATION ... (5.46) For a given value of Ë, the wage is independent of the unemployment rate. The system can therefore be solved recursively for the endogenous variables u, Ë,a...

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... =1+ pF 1+r ; therefore, with r = F =1andp =0.5, the solution is 11/4‚ =2 .75 /‚. When · = 2 and the firm fires, it employs x such that 2 − ‚x =1− (p + r )F 1+r , so employment is 7/ 4‚ =1 .75 /‚. (b) Employment ... 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...

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... happens if Î =1and if Î =0? Models for Dynamic Macroeconomics 3 Great Clarendon Street, Oxford ox2 6dp Oxford University Press is a department of the University of Oxford. It furthers the University’s ... xiii 1 Dynamic Consumption Theory 1 2 Dynamic Models of Investment 48 3 Adjustment Costs in the Labor Market 102 4 Growth in Dynamic General Equilibrium 130 5 Coordination an...

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... income process): Û c Û ε = 1+r 1+r −Î . For example, Î =0.44 and a (quarterly) interest rate of 1% yield a coefficient of 1 .77 . The implied variability of the (quarterly) change of consumption would be 1 .77 times that of ... model. 1. A forecasting model for  log c t+1 is specified; vector x t contains only those variables, from the wider information set available to agents at time t, w...

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... (Papers and Proceedings), 78 , 173 – 177 . Browning, M. and A. Lusardi (19 97) “Household Saving: Micro Theories and Micro Facts,” Journal of Economic Literature, 34, 179 7–1855. Caballero, R. J. (1990) ... 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–L...

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... general feature of dynamic optimization problems, namely the character of interaction between endogenous capital and exogenous forc- ing variables: the former depends on the whole dynamic path of ... derivations can be performed for cases where capital depreciates and/or the firm employs perfectly flexible factors (such as N in the previous sections’ models) . To obtain closed-form solut...

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... =  u  (c) −u  (c)  ( f  (k) − Ò). (4. 17) Since the law of motion for capital is given by ˙ k = f (k) − c, (4.18) we can therefore study the dynamics of the system in c, k-space. 4.2.2. ... Bernanke andJ.Rotemberg(eds.),NBER Macroeconomics Annual 1995, 13–54, Cambridge, Mass.: MIT Press. and R. Rogerson (19 97) “Institutions and Labor Reallocation,” European Economic Review, 41, 11...

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... 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: ... Studies, 57, 279 –298. Kiyotaki, N., and R. Wright (1993) “A Search-Theoretic Approach to Monetary Economics,” American Economic Review, 83, 63 77 . Lucas, R. E., and E. C. Prescott (...

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