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George Alogoskoufis - Dynamic Macroeconomics

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Dynamic Macroeconomics: summary, description and annotation

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An advanced treatment of modern macroeconomics, presented through a sequence of dynamic equilibrium models, with discussion of the implications for monetary and fiscal policy.

This textbook offers an advanced treatment of modern macroeconomics, presented through a sequence of dynamic general equilibrium models based on intertemporal optimization on the part of economic agents. The book treats macroeconomics as applied and policy-oriented general equilibrium analysis, examining a number of models, each of which is suitable for investigating specific issues but may be unsuitable for others.

After presenting a brief survey of the evolution of macroeconomics and the key facts about long-run economic growth and aggregate fluctuations, the book introduces the main elements of the intertemporal approach through a series of two-period competitive general equilibrium modelsthe simplest possible intertemporal models. This sets the stage for the remainder of the book, which presents models of economic growth, aggregate fluctuations, and monetary and fiscal policy. The text focuses on a full analysis of a limited number of key intertemporal models, which are stripped down to essentials so that students can focus on the dynamic properties of the models. Exercises encourage students to try their hands at solving versions of the dynamic models that define modern macroeconomics. Appendixes review the main mathematical techniques needed to analyze optimizing dynamic macroeconomic models. The book is suitable for advanced undergraduate and graduate students who have some knowledge of economic theory and mathematics for economists.

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Dynamic Macroeconomics George Alogoskoufis The MIT Press Cambridge - photo 1

Dynamic Macroeconomics

George Alogoskoufis

The MIT Press
Cambridge, Massachusetts
London, England

2019 The Massachusetts Institute of Technology

All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher.

Library of Congress Cataloging-in-Publication Data

Names: Alogoskoufis, George, author.

Title: Dynamic macroeconomics / George Alogoskoufis.

Description: Cambridge, MA: MIT Press, [2019] | Includes bibliographical references and index.

Identifiers: LCCN 2018060935 | ISBN 9780262043014 (hardcover: alk. paper)

Subjects: LCSH: MacroeconomicsMathematical models. | Equilibrium (Economics)Mathematical models.

Classification: LCC HB172.5.A396 2019 | DDC 339dc23

LC record available at https://lccn.loc.gov/2018060935

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To Spyros, Athinais, and Danae

Contents
List of Figures and Table

Figures

Distribution of countries by per capita GNI, 2012

Long-run growth of (natural log) per capita GDP in the United Kindom, the United States, and Japan

Long-run growth of (log) per capita GDP in the major European economies

Recessions (shaded areas) and (log) per capita GDP in the United States

Recessions (shaded areas) and (log) per capita GDP in the United Kingdom

Recessions (shaded areas) and the unemployment rate in the United States

Recessions (shaded areas) and the unemployment rate in the United Kingdom

Evolution of the price level in the United States

Evolution of the price level in the United Kingdom

Evolution of consumer price index (CPI) inflation in the United States

Evolution of CPI inflation in the United Kingdom

Money growth and inflation in 110 countries, 19601990

Money growth and real GDP growth in 110 countries, 19601990

Evolution of US federal debt as a percentage of GDP

Evolution of UK public debt as a percentage of GDP

Equilibrium capital accumulation in a two-period economy

Intertemporal equilibrium in a two-period economy

Optimal consumption and leisure in a one-period economy

Income and substitution effects on labor supply

The production function in intensive form

Equilibrium in the Solow model

Determination of the growth rate

Implications of a rise in the savings rate

Impulse response function of a rise in the savings rate

Implications of a rise in total factor productivity

Implications of a rise in population growth

Convergence in the Solow model in discrete time

Impulse response functions of the Solow model following a permanent increase in the savings rate of 1%

Impulse response functions of the Solow model following a permanent increase in total factor productivity of 1%

Impulse response functions of the Solow model following a permanent increase in the rate of population growth of 1%

The balanced growth path and dynamic adjustment in the Ramsey model

Short- and long-run effects of a permanent increase in the pure rate of time preference

Impulse response function of consumption and capital stock following a permanent increase at t0 in the pure rate of time preference

Short- and long-run effects of a permanent increase in total factor productivity

Effects of a permanent increase in the population growth rate

Impulse response functions of the calibrated Ramsey model for a 1% permanent drop in the pure rate of time preference

Impulse response functions of the calibrated Ramsey model for a 1% permanent increase in total factor productivity

Multiple equilibria in the Diamond model

Unique balanced growth path in the simplified Diamond model

Effects of a permanent rise in the pure rate of time preference

Effects of a permanent rise in total factor productivity

Impulse response functions of the Diamond model for a permanent rise in the pure rate of time preference of 1%

Impulse response functions of the Diamond model, for a permanent rise in total factor productivity of 1%

The balanced growth path and the adjustment path for the Blanchard-Weil model

Short- and long-run effects of an increase in the pure rate of time preference in the Blanchard-Weil model

Short- and long-run effects of an increase in the rate of population growth in the Blanchard-Weil model

Impulse response functions for a 1% increase in the pure rate of time preference in the calibrated Blanchard-Weil model

Impulse response functions for a 1% increase in the population growth rate in the calibrated Blanchard-Weil model

Impulse response functions for a 1% increase in total factor productivity in the calibrated Blanchard-Weil model

Primary government expenditure in the Ramsey model

Primary government expenditure and debt in the Blanchard-Weil model

An increase in government debt in the Blanchard-Weil model

An increase in primary government expenditure in the Blanchard-Weil model

A tax-financed increase of primary government expenditure in the calibrated Blanchard-Weil model

A debt-financed increase of primary government expenditure in the calibrated Blanchard-Weil model

A debt-financed tax cut in the calibrated Blanchard-Weil model

Short- and long-run effects of capital income taxation in the Ramsey model

Dynamic effects of a 10% tax on interest income in the calibrated Ramsey model

Dynamic effects of a 10% tax on business profits, before interest and depreciation, in the calibrated Ramsey model

The demand for real money balances and the welfare cost of inflation

The balanced growth path and the adjustment path in the Blanchard-Weil model with money

Dynamic effects of an increase in the growth rate of money supply in the Blanchard-Weil model with money

Dynamic simulation of an increase in the growth rate of money supply in a calibrated Blanchard-Weil model with money

The aggregate production function for different values of

Determination of the consumption-to-output ratio and the endogenous growth rate in the Blanchard-Weil model

Determination of private consumption and the growth rate with government expenditure and debt

The path of per capita output in exogenous and endogenous growth models

The cobweb model under adaptive expectations

Adjustment cost of investment

Determination of q and the capital stock K

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