Methods of Macroeconomic Dynamics

Methods of Macroeconomic Dynamics

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Just as macroeconomic models describe the overall economy within a changing, or dynamic, framework, the models themselves change over time. In this text Stephen J. Turnovsky reviews in depth several early models as well as a representation of more recent models. They include traditional (backward-looking) models, linear rational expectations (future-looking) models, intertemporal optimization models, endogenous growth models, and continuous time stochastic models. The author uses examples from both closed and open economies. Whereas others commonly introduce models in a closed context, tacking on a brief discussion of the model in an open economy, Turnovsky integrates the two perspectives throughout to reflect the increasingly international outlook of the field.This new edition has been extensively revised. It contains a new chapter on optimal monetary and fiscal policy, and the coverage of growth theory has been expanded substantially. The range of growth models considered has been extended, with particular attention devoted to transitional dynamics and nonscale growth. The book includes cutting-edge research and unpublished data, including much of the author's own work.Blanchard, O. J., C. Chouraqui, R. P. Hagermann, and N. Sartor. 1990. aquot;The Sustain- ability of Fiscal Policy: New Answers to an Old Question.aquot; OECD Economic Studies 15:7- 36. Blanchard, O. J., and S. Fischer. 1989. Lectures on Macroeconomics. ... aquot;Saddlepoint Problems in Continuous Time Rational 642 References.

Title:Methods of Macroeconomic Dynamics
Author: Stephen J. Turnovsky
Publisher:MIT Press - 2000-01

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