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Models for Dynamic Macroeconomics Fabio-Cesare Bagliano (Professor of Economics in the Faculty of Economics, University of Turin)

Models for Dynamic Macroeconomics By Fabio-Cesare Bagliano (Professor of Economics in the Faculty of Economics, University of Turin)

Models for Dynamic Macroeconomics by Fabio-Cesare Bagliano (Professor of Economics in the Faculty of Economics, University of Turin)


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Summary

This textbook for advanced students in macroeconomics provides a clear guide to the techniques and tools used in modern macroeconomic analysis without requiring advanced mathematical training. It covers the core topics of consumption and investment, employment and unemployment, and economic growth.

Models for Dynamic Macroeconomics Summary

Models for Dynamic Macroeconomics by Fabio-Cesare Bagliano (Professor of Economics in the Faculty of Economics, University of Turin)

Dynamic Approaches to Macroeconomics provides the advanced student with key methodological tools for the dynamic analysis of a core selection of macroeconomic phenomena, including consumption and investment choices, employment and unemployment outcomes, and economic growth. The technical treatment of these tools will enable the student to handle current journal literature, while not assuming any particular familiarity with advanced analytical tools or mathematical notions. As these tools are introduced, they are related to particular applications to illustrate their use. Chapters are linked by various formal and substantive threads. Discrete-time optimization under uncertainty, introduced in Chapter 1, is motivated and discussed by applications to consumption theory, with particular attention to empirical implementation. Chapter 2 focuses on continuous-time optimization techniques, and discusses the relevant insights in the context of partial-equilibrium investment models. Chapter 3 revisits many of the previous chapters' formal derivations with applications to dynamic labour demand, in comparison to optimal investment models, and characterizes labor market equilibrium when not only individual firms' labor demand, but also individual labor supply by workers, is subject to adjustment costs. Chapter 4 proposes broader applications of methods introduced in the previous chapters and studies continuous-time equilibrium dynamics of representative agent economies, featuring both consumption and investment choices, with applications to long-run growth frameworks of analysis. Chapter 5 illustrates the role of decentralized trading in determining aggregate equilibria, and characterizes aggregate labor market dynamics in the presence of frictional unemployment. Chapters 4 and 5 pay particular attention to strategic interactions and externalities: even when each agent correctly solves his or her individual dynamic problem, modern microfounded macroeconomic models recognize that macroeconomic equilibrium need not have unambiguously desirable properties. By bridging the gap between undergraduate economics and modern microfounded macroeconomic research, this book will be of interest to graduate students in economics, and as a technical reference for economic researchers.

Models for Dynamic Macroeconomics Reviews

This excellent book, written by two leaders of their field, provides a rigorous introduction to modern dynamic macroeconomics. It provides the modern perspective on consumption, investment and labor markets before putting it all together in models of general equilibrium as well as models of coordination failures. The book provides a much needed stepping-stone so that students can cross the gap between undergraduate textbooks and the modern literature. I recommend it highly for serious advanced undergraduate courses, as a basic text for graduate courses, and as a reference text. * Harald Uhlig, Humboldt-Universitat zu Berlin *

About Fabio-Cesare Bagliano (Professor of Economics in the Faculty of Economics, University of Turin)

Fabio-Cesare Bagliano is currently Professor of Economics in the Faculty of Economics, University of Tunrin, having previously held other teaching positions in Turin and Teramo (Italy); in 1987-90 he held a research position at the Centre for Economic Performance (London School of Economics and Political Science). He is Associate Editor of Giornale degli Economisti e Annali di Economia and has published in the Journal of Banking and Finance, the European Economic Review, the Journal of Macroeconomics, and other academic journals and books. Giuseppe Bertola is currently Professor of Economic Policy in the Faculty of Political Science, University of Turin. He has previously held other teaching positions in Turin and visiting positions in various places, including Assistant Professor and Assistant Director of the International Finance Section, Princeton University. He is a Managing Editor of Economic Policy and Condirettore of Giornale degli Economisti e Annali di Economia. His work is published in the Review of Economic Studies, American Economic Review, the European Economic Review, and other academic journals and books.

Table of Contents

Preface ; 1. Dynamic Consumption Theory ; 2. Dynamic Models of Investment ; 3. Adjustment Costs in the Labour Market ; 4. Growth in Dynamic General Equilibrium ; 5. Coordination and Externalities in Macroeconomics ; 6. Answers to Exercises

Additional information

GOR006515974
9780199266821
0199266824
Models for Dynamic Macroeconomics by Fabio-Cesare Bagliano (Professor of Economics in the Faculty of Economics, University of Turin)
Used - Very Good
Hardback
Oxford University Press
20040205
296
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us

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