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Table Of Contents

Overview and Summary
A Simple Dynamic Economy
2.1 General Principles for Specifying a Model
2.2 An Example Economy
2.2.1 De…nition of Competitive Equilibrium
2.2.2 Solving for the Equilibrium
2.2.3 Pareto Optimality and the First Welfare Theorem
2.2.4 Negishi’s (1960) Method to Compute Equilibria
2.2.5 Sequential Markets Equilibrium
2.3. APPENDIX: SOME FACTS ABOUT UTILITY FUNCTIONS 23
2.3 Appendix: Some Facts about Utility Func- tions
The Neoclassical Growth Model in Discrete Time
3.1 Setup of the Model
3.2 Optimal Growth: Pareto Optimal Alloca- tions
3.2.1 Social Planner Problem in Sequential Formulation
3.2.2 Recursive Formulation of Social Planner Problem
3.2.3 An Example
3.3 Competitive Equilibrium Growth
3.3.1 De…nition of Competitive Equilibrium
3.3.3 Sequential Markets Equilibrium
3.3.4 Recursive Competitive Equilibrium
Mathematical Preliminaries
4.1 Complete Metric Spaces
4.2 Convergence of Sequences
4.3 The Contraction Mapping Theorem
4.4 The Theorem of the Maximum
Dynamic Programming
5.1 The Principle of Optimality
5.2 Dynamic Programming with Bounded Re- turns
Models with Uncertainty
6.1 Basic Representation of Uncertainty
6.2 De…nitions of Equilibrium
6.2.1 Arrow-Debreu Market Structure
6.2.2 Sequential Markets Market Structure
6.2.3 Equivalence between Market Structures
6.3 Markov Processes
6.4 Stochastic Neoclassical Growth Model
The Two Welfare Theorems
7.1 What is an Economy?
7.2 Dual Spaces
7.3 De…nition of Competitive Equilibrium
7.4 The Neoclassical Growth Model in Arrow- Debreu Language
7.6 The First Welfare Theorem
7.7 The Second Welfare Theorem
7.8 Type Identical Allocations
The Overlapping Generations Model
8.1 A Simple Pure Exchange Overlapping Gen- erations Model
8.1.1 Basic Setup of the Model
8.1.2 Analysis of the Model Using O¤er Curves
8.1.3 Ine¢cient Equilibria
8.1.4 Positive Valuation of Outside Money
8.1.5 Productive Outside Assets
8.1.6 Endogenous Cycles
8.1.7 Social Security and Population Growth
8.2. THE RICARDIAN EQUIVALENCE HYPOTHESIS 141
8.2 The Ricardian Equivalence Hypothesis
8.2.2 Finite Horizon and Operative Bequest Motives
8.3 Overlapping Generations Models with Pro- duction
8.3.1 Basic Setup of the Model
8.3.2 Competitive Equilibrium
8.3.3 Optimality of Allocations
8.3.4 The Long-Run E¤ects of Government Debt
9.1 Stylized Growth and Development Facts
9.1.1 Kaldor’s Growth Facts
9.1.2 Development Facts from the Summers-Heston Data Set
9.2 The Solow Model and its Empirical Evalua- tion
9.2.1 The Model and its Implications
9.2.2 Empirical Evaluation of the Model
9.3 The Ramsey-Cass-Koopmans Model
9.3.2 Setup of the Model
9.3.3 Social Planners Problem
9.3.4 Decentralization
9.4 Endogenous Growth Models
9.4.1 The Basic AK-Model
9.4.2 Models with Externalities
10.1.1 Data Sources
10.1.2 Main Stylized Facts
10.2 The Classic Income Fluctuation Problem
10.2.1 Deterministic Income
10.2.2 Stochastic Income and Borrowing Limits
10.3 Aggregation: Distributions as State Vari- ables
10.3.1 Theory
10.3.2 Numerical Results
11.1 Positive Fiscal Policy
11.2 Normative Fiscal Policy
Political Economy and Macroeconomics
References
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Macro Theory Book

Macro Theory Book

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Published by Helados Aragon

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Published by: Helados Aragon on Oct 06, 2011
Copyright:Attribution Non-commercial

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