Models for dynamic macroeconomics phần 8 pptx

... 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 AND EXTERNALITIES 185 to accept ... (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,andw. U...

Ngày tải lên: 09/08/2014, 19:21

... Bertola (19 98) contains a more complete version of the irreversible investment problem solved here. For a very complex model of irreversible investment and dynamic aggregation, and for further ... 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. Fo...

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... paper by Ashford Colour Press Ltd, Gosport, Hampshire ISBN 9 78 0–19–926 682 –1 (hbk.) ISBN 9 78 0–19–92 283 2–4 (pbk.) 10 987 654321

Ngày tải lên: 09/08/2014, 19:21

... 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 (1 989 ) using quarterly data for the period 1953 84 . ¹² ... specified, the information set used to form expectations of future incomes and to derive innovations is limited to past income values only. If agents form their expecta- tions using ad...

Ngày tải lên: 09/08/2014, 19:21

... Incomplete Information, and Aggregate Consump- tion,” Econometrica, 63, 80 5 84 0. Romer, D. (2001) Advanced Macroeconomics, 2nd edn, New York: McGraw-Hill. Sargent, T. J. (1 987 ) Dynamic Macroeconomic ... 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 I...

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... macroeconomic, and explicitly dynamic, modeling framework. Specifically, we discuss a simplified version of the dynamic IS–LM model of Blanchard (1 981 ), capturing the interactions between forward-looking prices ... general feature of dynamic optimization problems, namely the character of interaction between endogenous capital and exogenous forc- ing variables: the former depends on the w...

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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. STEADY STATE ... Eurosclerosis?” Revie w of Economic Studies, 57, 381 –402. Bertola, G. (1990) “Job Security, Employment and Wages,” European Economic Review, 34, 85 1 88 6. (1992) “Labor Turnover Co...

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... Modern Macroeconomics, Oxford: Oxford University Press. Jones, L. E., and R. Manuelli (1990) “A Model of Optimal Equilibrium Growth,” Journal of Political Economy, 98, 10 08 10 38. Maddison, A. (1 987 ) ... (1991), Barro and Sala-i-Martin (1995), and Aghion and Howitt (19 98) . Models of endogenous growth were originally formulated in Romer (1 986 , 1990), Rebelo (1991), and other contrib...

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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: ... Cambridge, Mass.: MIT Press. Diamond, P. (1 982 a) “Aggregate Demand Management in Search Equilibrium,” Journal of Polit- ical Economy, 90, 88 1 89 4. (1 982 b) “Wage Determination a...

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... · t =2. INDEX 275 smooth pasting, 88 Solow growth model, 132 stationarity, 16 steady-state, 59, 61, 137 optimal savings, 140 stochastic process, 3, 82 ARMA, 16 Taylor expansion, 1 18 transversality condition, ... 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...

Ngày tải lên: 09/08/2014, 19:21