Methods of Macroeconomic Dynamics - 2nd Edition

Turnovsky, Stephen J.

ISBN 10: 0262201232 / ISBN 13: 9780262201230

Published by Mit Pr, 2000

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Bibliographic Details

• Title: Methods of Macroeconomic Dynamics - 2nd Edition
• Publisher: Mit Pr
• Publication Date: 2000
• Language: English
• ISBN 10: 0262201232
• ISBN 13: 9780262201230
• Binding: Hardcover
• Condition: new

About this title

Synopsis

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 The book includes cutting-edge research and unpublished data, including much of the author's own work.

About the Author

Stephen J. Turnovsky is Professor of Economics at the University of Washington.