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Table Of Contents

Motivation: Solow’s growth model
2.1 The model
2.2 Applications
2.2.1 Growth
2.2.2 Business Cycles
2.2.3 Other topics
2.3 Where next?
Dynamic optimization
3.1 Sequential methods
3.1.1 A finite horizon
3.1.2 Infinite horizon
3.2 Dynamic programming
3.3 The functional Euler equation
3.4 References
4.1 Properties of the capital accumulation function
4.2 Global convergence
4.3 Dynamics: the speed of convergence
4.3.1 Linearization for a general dynamic system
4.3.2 Solving for the speed of convergence
4.3.3 Alternative solution to the speed of convergence
5.1 Sequential competitive equilibrium
5.1.1 An endowment economy with date-0 trade
5.1.2 The same endowment economy with sequential trade
5.1.3 The neoclassical growth model with date-0 trade
5.2.1 The neoclassical growth model
5.2.2 The endowment economy with one agent
5.2.3 An endowment economy with two agents
5.2.4 Neoclassical production again, with capital accumulation
1. Examples of common stochastic processes in macroeconomics
6.1 Examples of common stochastic processes in macro-
6.1.1 Markov chains
6.1.2 Linear stochastic difference equations
6.2 Maximization under uncertainty
6.2.1 Stochastic neoclassical growth model
6.3 Competitive equilibrium under uncertainty
6.3.1 The neoclassical growth model with complete markets
6.3.4 Recursive formulation
6.4 Appendix: basic concepts in stochastic processes
7.1 Inelastic labor supply
7.2 Valued leisure
7.2.1 Wealth effects on labor supply
7.2.2 Wealth effects on labor supply
The overlapping-generations model
8.1 Definitions and notation
8.2 An endowment economy
8.2.1 Sequential markets
8.2.2 Arrow-Debreu date-0 markets
8.2.3 Application: endowment economy with one agent per
8.3 Economies with intertemporal assets
8.3.1 Economies with fiat money
8.3.2 Economies with real assets
8.3.3 A tree economy
8.3.4 Storage economy
8.3.5 Neoclassical growth model
8.4 Dynamic efficiency in models with multiple agents
8.5 The Second Welfare Theorem in dynastic set-
8.5.1 The second welfare theorem in a 1-agent economy
8.5.2 The second welfare theorem in a 2-agent economy
8.6 Uncertainty
8.7 Hybrids
8.7.1 The benchmark perpetual-youth model
8.7.2 Introducing a life cycle
9.1 Some motivating long-run facts in macroeconomic
9.1.1 Kaldor’s stylized facts
9.1.2 Other facts
9.2 Growth theory I: exogenous growth
9.2.1 Exogenous long-run growth
9.2.2 Choosing to grow
9.2.3 Transforming the model
9.2.4 Adjustment costs and multisector growth models
9.3 Growth theory II: endogenous growth
9.3.1 The AK model
9.3.2 Romer’s externality model
9.3.3 Human capital accumulation
9.3.4 Endogenous technological change
9.3.5 Directed technological change
9.3.6 Models without scale effects
9.4.1 Long-run U.S. growth
9.4.2 Assessing different models
9.4.3 Productivity accounting
9.4.4 A stylized model of development
10.1 Lucas’ Asset Pricing Formula
10.1.1 The Model
10.1.2 Solving for prices of state-contingent claims
10.1.3 Pricing assets
10.2 The Equity Premium Puzzle
10.2.1 The Model
10.2.2 Calibration
10.3 Suggested Solutions to the Puzzle
10.4 References
Economic policy
11.1 Ricardian equivalence
11.1.1 Dynastic model
11.1.2 Overlapping generations
11.2 Optimal distortionary taxes
11.2.1 Taxation smoothing
11.2.2 Optimal taxation mix
12.1 Introduction
12.2 Facts before theory
12.2.1 Early Facts
12.2.2 Kydland and Prescott (1982): How to convert raw data
12.2.3 Kydland and Prescott’s facts
12.3 Theory after facts
12.3.1 Basic methodology: Introduction to calibration
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Published by Ramiro Mortega

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Published by: Ramiro Mortega on Oct 20, 2011
Copyright:Attribution Non-commercial


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