Dynamic Macroeconomic Analysis
Dynamic Macroeconomic Analysis
Jagjit S. Chadha, National Institute of Economic and Social Research
Charles Nolan, University of Durham
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GBPDynamic stochastic general equilibrium (DSGE) models have begun to dominate the field of macroeconomic theory and policy-making. These models describe the evolution of macroeconomic activity as a recursive sequence of outcomes based upon the optimal decision rules of rational households, firms and policy-makers. Whilst posing a micro-founded dynamic optimisation problem for agents under uncertainty, such models have been shown to be both analytically tractable and sufficiently rich for meaningful policy analysis in a wide class of macroeconomic problems, for example, monetary and fiscal policy, economic cycles and growth and capital flows. This volume collects specially commissioned papers from leading researchers, which pull together some of the key results in diverse areas. This book will promote research using optimising models and inform researchers, post-graduate students and economists in policy-oriented organisations of some of the key findings and policy implications.
- The book summarises major research breakthroughs and provides a road map to the future of macroeconomics
- Each chapter has a bearing on current policy questions
- It reflects the disparate viewpoints of leading researchers who have written specially commissioned chapters
Product details
November 2003Hardback
9780521826686
604 pages
255 × 179 × 43 mm
1.363kg
48 b/w illus. 12 tables
Available
Table of Contents
- Foreword William Brock
- 1. The application of stochastic dynamic programming methods to household consumption and saving decisions: a critical survey Jim Pemberton
- 2. Investment dynamics Fanny S. Demers, Michael Demers and Sumru Altug
- 3. Taxes and welfare in a stochastically growing economy Stephen J. Turnovsky
- 4. Recent developments in the microeconomic stabilisation literature: is price stability a good stabilisation strategy? Matt Canzoneri, Robert Cumby and Behzad Diba
- 5. On the interaction of monetary and fiscal policy Jagjit Chadha and Charles Nolan
- 6. Dynamic general equilibrium analysis: the open economy dimension Philip Lane and Giovanni Ganelli
- 7. Credit frictions and 'sudden stops' in small open economies: an equilibrium business cycle framework for emerging markets crises Cristina Arellano and Enrique Mendoza
- 8. Asset pricing in macroeconomic models Paul Söderlind
- 9. Labor market search and monetary shocks Carl Walsh
- 10. On the introduction of endogenous labor income in deterministic and stochastic endogenous growth models Stephen J. Turnovsky
- 11. Growth and business cycles Gabriel Talmain.
