Macroeconomic Theory: A Dynamic General Equilibrium Approach by Michael Wickens

By Michael Wickens

Macroeconomic idea is the main updated graduate-level macroeconomics textbook to be had at the present time. This booklet really bargains whatever new via emphasizing the final equilibrium personality of macroeconomics to give an explanation for results around the entire financial system, not only half. it's also definitely the right source for economists who have to brush up at the newest developments.
Michael Wickens lays out the middle principles of recent macroeconomics and its hyperlinks with finance. He offers the easiest normal equilibrium macroeconomic version for a closed economic system, after which steadily develops a finished version of the open economic climate. each vital subject is roofed, together with progress, company cycles, monetary coverage, taxation and debt finance, present account sustainability, exchange-rate choice, and an updated account of financial coverage via inflation focusing on. Wickens addresses the interrelationships among macroeconomics and sleek finance and exhibits how they impact inventory, bond, and foreign-exchange markets. whereas the maths wanted for this booklet is rigorous, the writer describes basic thoughts in a manner that is helping make the booklet self-contained and straightforward to exploit. available, accomplished, and wide-ranging, Macroeconomic conception turns into the normal textual content for college students and is perfect for economists, rather these in executive, significant and advertisement banking, and fiscal investment.
- the main updated macroeconomics textbook to be had today
- Web-based workouts with solutions (June 2008)
- Emphasis on common equilibrium macroeconomics addresses the full economy
- most modern advances in macroeconomics lined totally and completely
- provides up to date account of economic policy
- Covers sleek finance
- large mathematical appendix for at-a-glance effortless reference

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Extra resources for Macroeconomic Theory: A Dynamic General Equilibrium Approach

Example text

The marginal product of capital. 2. Total output, consumption, and replacement investment. 3. k Net output. level of consumption c # . This requires a constant level of the capital stock k# . This solution is known as the golden rule. 2 The Dynamics of the Golden Rule Due to the constraint that the capital stock is constant, c # is sustainable indefinitely provided there are no disturbances to the economy. If there are disturbances, then the economy becomes dynamically unstable at {c # , k# }. 4.

31) says that the total value of output is shared between labor and capital. The first term on the righthand side is the share of labor and the second is the share of capital. , Fn,t = wt , with each unit of labor having a cost (receiving a return) equal to the wage rate. Similarly, if capital is paid its (net) marginal product, then Fk,t − δ = rt is the 1 A function f (x, y) that is homogeneous of degree α satisfies λα f (x, y) = f (λx, λy). Alternatively, we could take a first-order expansion of the production function F (kt , nt ) about kt = nt = 0, which would give the approximation F (kt , nt ) Fn,t nt + Fk,t kt .

It may be noted that if, as a result of a positive disturbance, k > k# and hence output is raised, it would be possible to increase consumption temporarily until the capital stock returns to the lower, but sustainable, level k# . We make further observations on the stability of the economy under the golden rule below after we have considered the optimal solution. 1 Optimal Solution Derivation of the Fundamental Euler Equation Instead of assuming that future consumption has the same value as consumption today, we now assume that the economy values consumption today more than consumption in the future.

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