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Paperback: 290 pages Publisher: Oxford University Press, USA; New Ed edition (February 9, 2008) Language: English Review
`'This excellent book, written by two leaders of their field, provides a rigorous introduction to modern dynamic macroeconomics. It provides the modern perspective on consumption, investment and labor markets before putting it all together in models of general equilibrium as well as models of coordination failures. The book provides a much needed stepping stone so that students can cross the gap between undergraduate textbooks and the modern literature. I recommend it highly for serious advanced undergraduate courses, as a basic text for graduate courses, and as a reference text.'' Harald Uhlig, Humboldt-Universitat zu Berlin
Product Description
Models for Dynamic Microeconomics provides the advanced student with key methodological tools for the dynamic analysis of a core selection of macroeconomic phenomena, including consumption and investment choices, employment and unemployment outcomes, and economic growth.
The technical treatment of these tools will enable the student to handle current journal literature, while not assuming any particular familiarity with advanced analytical tools or mathematical notions. As these tools are introduced, they are related to particular applications to illustrate their
use.
Chapters are linked by various formal and substantive threads. Discrete-time optimization under uncertainty, introduced in Chapter 1, is motivated and discussed by applications to consumption theory, with particular attention to empirical implementation. Chapter 2 focuses on continuous-time
optimization techniques, and discusses the relevant insights in the context of partial-equilibrium investment models. Chapter 3 revisits many of the previous chapters' formal derivations with applications to dynamic labour demand, in comparison to optimal investment models, and characterizes labor
market equilibrium when not only individual firms' labor demand, but also individual labor supply by workers, is subject to adjustment costs. Chapter 4 proposes broader applications of methods introduced in the previous chapters and studies continuous-time equilibrium dynamics of representative
agent economies, featuring both consumption and investment choices, with applications to long-run growth frameworks of analysis. Chapter 5 illustrates the role of decentralized trading in determining aggregate equilibria, and characterizes aggregate labor market dynamics in the presence of
frictional unemployment. Chapters 4 and 5 pay particular attention to strategic interactions and externalities: even when each agent correctly solves his or her individual dynamic problem, modern microfounded macroeconomic models recognize that macroeconomic equilibrium need not have unambiguously
desirable properties.
By bridging the gap between undergraduate economics and modern microfounded macroeconomic research, this book will be of interest to graduate students in economics, and as a technical reference for economic researchers.[UseMoney=20]
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1. Dynamic Consumption Theory
1.1 Permanent Income and Optimal Consumption
1.2 Empirical Issues
1.3 The Role of Precautionary Saving
1.4 Consumption and Financial Returns
Appendix A1: Dynamic Programming
Review Exercises
Further Reading
References
2. Dynamic Models of Investment
2.1 Convex Adjustment Costs
2.2 Continuous-Time Optimization
2.3 Steady-State and Adjustment Paths
2.4 The Value of Capital and Future Cash Flows
2.5 Average Value Capital
2.6 A Dynamic IS-LM Model
2.7 Linear Adjustment Costs
2.8 Irreversible Investment Under Certainty
Appendix A2: Hamiltonian Optimization Methods
Review Exercises
Further Readings
References
3. Adjustment Costs in the Labor Market
3.1 Hiring and Firing Costs
3.2 The Dynamics of Employment
3.3 Average Long-Run Effects
3.4 Adjustment Costs and Labor Allocation
Appendix A3: (Two-State) Markov Processes
Review Exercises
Further Reading
References
4. Growth in Dynamic General Equilibrium
4.1 Production, Savings, and Growth
4.2 Dynamic Optimization
4.3 Decentralized Production and Investment Decisions
4.4 Measurement of "Progress": the Solow Residual
4.5 Endogenous Growth and Market Imperfections
Review Exercises
Further Exercises
References
5. Coordination and Externalities in Macroeconomics
5.1 Trading Externalities and Multiple Equilibria
5.2 A Search Model of Money
5.3 Search Externalities in the Labor Market
5.4 Dynamics
5.5 Externalities and Efficiency
Review Exercises
Further Reading
References
Answers to Exercises
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