Methods of Macroeconomic Dynamics

Released on by Stephen J. Turnovsky
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  • Methods of Macroeconomic Dynamics Book Detail

  • Author : Stephen J. Turnovsky
  • Release Date : 2000
  • Publisher : MIT Press
  • Genre : Business & Economics
  • Pages : 698
  • ISBN 13 : 9780262201230
  • File Size : 60,60 MB
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Methods of Macroeconomic Dynamics by Stephen J. Turnovsky PDF Summary

Book Description: 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 The book includes cutting-edge research and unpublished data, including much of the author's own work.

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This rigorous but brilliantly lucid book presents a self-contained treatment of modern economic dynamics. Stokey, Lucas, and Prescott develop the basic methods