Macroeconomic analysis:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Massachusetts ; London, England
The MIT Press
[2019]
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xxii, 295 Seiten Diagramme |
| ISBN: | 9780262043472 |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | Contents List of Figures List of Tables Preface 1 Microeconomic Foundations 1 1.1 Microeconomics 1.1.1 Allocation, Feasibility, Optimality 1 1 1.1.2 Competitive Equilibrium 2 1.1.3 1.1.4 Walras’s Law Fundamental Theorems of Welfare Economics 2 3 1.2 Primitives 1.2.1 Event Tree 1.2.2 1.2.3 1.3 2 xv xvii xix Preferences Technology Bibliographic Notes 4 4 4 6 8 Consumption and Saving 11 2.1 Consumption Smoothing 11 2.1.1 Two Periods 11 2.1.2 More Periods 14 2.1.3 Infinite Horizon 2.2 2.3 19 Extensions 2.2.1 Borrowing Constraint 2.2.2 Nongeometric Discounting and Time Consistency 21 21 22 2.2.3 23 Multiple Goods Bibliographic Notes 24
Contents viii Dynamic Competitive Equilibrium 3.1 3.2 3.3 Representative Agent and Capital Accumulation 3.1.1 Economy 3.1.2 Firms 3.1.3 Households 3.1.4 Market Clearing 3.1.5 General Equilibrium 3.1.6 Social Planner Allocation and Pareto Optimality 3.1.7 Analysis 3.1.8 Population Growth Overlapping Generations and Capital Accumulation 3.2.1 Economy 3.2.2 Firms 3.2.3 Households 3.2.4 Market Clearing 3.2.5 General Equilibrium 3.2.6 Analysis 3.2.7 Pareto Optimality 3.2.8 Population Growth Bibliographic Notes 4.2 4.3 4.4 25 25 26 26 27 27 28 28 32 33 33 34 34 34 34 35 36 37 38 39 Risk 4.1 25 Consumption, Saving, and Insurance 4.1.1 Incomplete Markets 4.1.2 Complete Markets 4.1.3 General Case Risk Sharing 4.2.1 Borch’s Rule 4.2.2 Aggregate and Idiosyncratic Risk Uninsurable Labor Income Risk and Capital Accumulation 4.3.1 Economy 4.3.2 Households 4.3.3 General Equilibrium Bibliographic Notes 39 39 44 47 49 49 50 50 50 51 52 53
Contents 5 Asset Returns and Asset Prices 55 5.1 5.2 55 56 56 57 58 59 60 61 62 62 62 63 5.3 5.4 5.5 5.6 6 Labor Supply, Growth, and Business Cycles 65 6.1 65 65 67 68 71 71 74 77 77 84 86 6.2 6.3 6.4 7 Euler Equation Excess Returns 5.2.1 C-CAPM 5.2.2 CAPM Asset Prices 5.3.1 Fundamental Value 5.3.2 Bubble Term Structure of Interest Rates Equilibrium Asset Prices inan Endowment Economy 5.5.1 Economy 5.5.2 General Equilibrium Bibliographic Notes Goods versus Leisure Consumption 6.1.1 One Period 6.1.2 More Periods 6.1.3 Wage Inequality and Risk Sharing Growth 6.2.1 Exogenous Growth 6.2.2 Endogenous Growth Business Cycles 6.3.1 Real Business Cycles 6.3.2 Sunspot-Driven BusinessCycles Bibliographic Notes The Open Economy 89 7.1 7.2 7.3 7.4 7.5 89 91 94 95 96 Current Account and Net Foreign Assets Real Exchange Rate Gains From Trade International Risk Sharing Bibliographic Notes
x 8 Contents Frictions 8.1 8.2 8.3 8.4 9 Capital Adjustment Frictions 8.1.1 Convex Adjustment Costs and Tobin’s q 8.1.2 Nonconvex Adjustment Costs 8.1.3 Irreversibility and the Option Value of Waiting Labor Market Frictions 8.2.1 Economy 8.2.2 Firms 8.2.3 Households 8.2.4 Market Clearing and Wage Determination 8.2.5 Equilibrium 8.2.6 Constrained Pareto Optimality 8.2.7 The Case without Capital 8.2.8 A Model without Capital and Leisure Financial Frictions 8.3.1 Net Worth and External Finance Premium 8.3.2 Collateral and Asset Prices 8.3.3 Pecuniary Externalities and Constrained Inefficiency Bibliographic Notes 97 97 97 101 102 104 104 104 105 107 108 108 110 111 113 113 116 121 125 Money 129 9.1 130 130 131 133 133 134 136 136 137 140 142 144 Unit of Account 9.1.1 Fisher Equation 9.1.2 Interest Parity and Nominal Exchange Rate 9.2 Store of Value 9.2.1 Overlapping Generations 9.2.2 Borrowing Constrained, Infinitely Lived Households 9.3 Medium of Exchange 9.3.1 Matching Frictions 9.3.2 Money in the Utility Function 9.3.3 Cash-in-Advance Constraint 9.4 The Price of Money 9.5 Bibliographic Notes
Contents 10 11 XI Price Setting and Price Rigidity 147 10.1 Price Setting 10.2 Staggered Price Setting 10.3 Price Rigidity in General Equilibrium 10.3.1 Firms 10.3.2 Households 10.3.3 Market Clearing 10.3.4 General Equilibrium 10.3.5 Analysis 10.4 Bibliographic Notes 147 150 151 152 152 153 153 155 159 The Government 161 11.1 Taxation and Government Consumption 11.2 Government Debt and Social Security 11.2.1 Government Debt with a Representative Agent 11.2.2 Government Debt with Overlapping Generations 11.2.3 Pay-as-You-Go Social Security 11.3 Equivalence of Policies 11.3.1 General Equivalence Result 11.3.2 Applications 11.4 Fiscal-Monetary Policy Interaction 11.4.1 Consolidated Government Budget Constraint 11.4.2 Seignorage Needs as Driver of Inflation 11.4.3 Inflation Effects of Government Financing 11.4.4 Game of Chicken 11.4.5 Fiscal Theory of the Price Level 11.4.6 Stability under Policy Rules 11.5 Determinate Inflation and Output 11.5.1 Flexible Prices 11.5.2 Rigid Prices 11.6 Real Effects of Monetary Policy 11.6.1 Flexible Prices 11.6.2 Rigid Prices 11.7 Bibliographic Notes 161 163 164 166 166 168 170 170 172 172 174 175 179 179 182 184 184 186 187 187 188 189
xii 12 13 Contents Optimal Policy 191 12.1 Tax Smoothing 12.1.1 Complete Markets 12.1.2 Incomplete Markets 12.1.3 Capital Income Taxation 12.1.4 Heterogeneous Households 12.2 Social Insurance and Saving Taxation 12.3 Monetary Policy 12.3.1 Friedman Rule 12.3.2 Dealing with Price Rigidity 12.4 Bibliographic Notes 191 191 196 202 204 206 208 208 210 213 Time Consistent Policy 215 13.1 Time Consistency and the Role of State Variables 13.2 Credible Tax Policy 13.3 Capital Income Taxation 13.3.1 Commitment Benchmark 13.3.2 No Commitment 13.4 Sovereign Debt and Default 13.4.1 Insurance 13.4.2 Borrowing with Contingent Debt 13.4.3 Borrowing with Noncontingent Debt 13.4.4 Loan Size Determinants 13.4.5 Debt Laffer Curve and Debt Overhang 13.4.6 Multiple Equilibria 13.4.7 Financial Autarky as Deterrent 13.5 Redistribution in Politico-Economic Equilibrium 13.5.1 Probabilistic Voting 13.5.2 Politico-Economic Equilibrium 13.5.3 Support for Redistribution 13.6 Monetary Policy 13.6.1 Stabilization Bias 215 217 218 219 219 222 222 224 224 225 228 229 229 230 230 230 233 235 235 13.6.2 Inflation Bias 13.7 Bibliographic Notes 236 239
Contents A В XIII Mathematical Tools 241 A.l A.2 Constrained Optimization Infinite-Horizon Dynamic Programming A.2.1 Principle of Optimality A.2.2 Uniqueness of V A.2.3 Properties of V A.3 Systems of Linear Difference Equations A.4 Bibliographic Notes 241 241 242 242 242 243 243 Technical Discussions 245 B.l Transversality Condition in Infinite-Horizon Saving Problem 245 B.2 B.3 B.4 B.5 Representative Household Transversality Condition in Infinite-Horizon Planner Problem Nonexpected Utility Linear Rational Expectations Models B.5.1 Single Equation Model B.5.2 Multiple Equation Model Ramsey Taxation B.6.1 Primal Approach B.6.2 Dual Approach Probabilistic Voting Bibliographic Notes 245 247 248 251 251 252 254 254 256 258 259 B.6 B.7 B.8 Bibliography Author Index Subject Index 261 283 289
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| isbn | 9780262043472 |
| language | English |
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| spelling | Niepelt, Dirk 1969- Verfasser (DE-588)115372504 aut Macroeconomic analysis Dirk Niepelt Cambridge, Massachusetts ; London, England The MIT Press [2019] © 2019 xxii, 295 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Makroökonomie (DE-588)4037174-8 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s DE-604 Erscheint auch als Online-Ausgabe 978-0-262-35691-6 (DE-604)BV049357589 Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=031688955&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | Macroeconomic analysis |
| title_auth | Macroeconomic analysis |
| title_exact_search | Macroeconomic analysis |
| title_full | Macroeconomic analysis Dirk Niepelt |
| title_fullStr | Macroeconomic analysis Dirk Niepelt |
| title_full_unstemmed | Macroeconomic analysis Dirk Niepelt |
| title_short | Macroeconomic analysis |
| title_sort | macroeconomic analysis |
| topic | Makroökonomie (DE-588)4037174-8 gnd |
| topic_facet | Makroökonomie |
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