Economies are constantly in flux, and economists have long sought reliable means of analyzing their dynamic properties. This book aims to provide a succinct and accessible exposition of modern dynamic (or intertemporal) macroeconomics. The authors use a microeconomics-based general equilibrium framework, specifically the overlapping generations ...
"The ABCs of RBCs" is the first book to provide a basic introduction to Real Business Cycle (RBC) and New-Keynesian models. These models argue that random shocks - new inventions, droughts, and wars, in the case of pure RBC models, and monetary and fiscal policy and international investor risk aversion, in more open interpretations - can trigger ...
This text provides a cogent analysis of macroeconomic thought as a historical process, stressing the development of modern macroeconomic theory throughout. Both static and dynamic models are clearly developed and many modern economic models are used. The text first presents a simple, classical market clearing model, imposes enough restrictions on ...
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