Dynamic Macroeconomic Analysis: Theory and Policy in General Equilibrium

doi:10.1017/9781139165235

Dynamic stochastic general equilibrium (DSGE) models have begun to dominate the field of macroeconomic theory and policy-making. These models describe the evolution of macroeconomic activity as a recursive sequence of outcomes based upon the optimal decision rules of rational households, firms and policy-makers. Whilst posing a micro-founded dynamic optimisation problem for agents under uncertainty, such models have been shown to be both analytically tractable and sufficiently rich for meaningful policy analysis in a wide class of macroeconomic problems, for example, monetary and fiscal policy, economic cycles and growth and capital flows. This volume collects specially commissioned papers from leading researchers, which pull together some of the key results in diverse areas. This book will promote research using optimising models and inform researchers, post-graduate students and economists in policy-oriented organisations of some of the key findings and policy implications.

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Contents

Frontmatter
pp i-iv
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Contents
pp v-vi
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List of contributors
pp vii-xii
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Foreword
pp xiii-xxvi
- By William A. Brock
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Preface
pp xxvii-xxviii
- By Sumru Altug, Professor of Economics at Koç University in Istanbul, Turkey., Jagjit S. Chadha, Professor of Economics at the University of St Andrews., Charles Nolan, University of Strathclyde and Birkbeck College, University of London
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1 - The application of stochastic dynamic programming methods to household consumption and saving decisions: a critical survey
pp 1-33
- By James Pemberton, Professor of Economics and Head of the Business School at the University of Reading
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2 - Investment dynamics
pp 34-154
- By Fanny S. Demers, The Johns Hopkins University and is Associate Professor at Carleton University, Ottawa, Canada., Michael Demers, PhD from The Johns Hopkins University and is Associate Professor at Carleton University, Ottawa, Canada., Sumru Altug, Professor of Economics at Koc¸ University in Istanbul, Turkey.
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3 - Taxes and welfare in a stochastically growing economy
pp 155-211
- By Stephen J. Turnovsky, Castor Professor of Economics at the University of Washington
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4 - Recent developments in the macroeconomic stabilisation literature: is price stability a good stabilisation strategy?
pp 212-242
- By Matthew B. Canzoneri, Professor of Economics at Georgetown University since 1985, Robert E. Cumby, Professor of Economics in the School of Foreign Service of Georgetown University., Behzad T. Diba, Professor of Economics at Georgetown University
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5 - On the interaction of monetary and fiscal policy
pp 243-307
- By Jagjit S. Chadha, Professor of Economics at the University of St Andrews., Charles Nolan, University of Strathclyde and Birkbeck College, University of London.
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6 - Dynamic general equilibrium analysis: the open economy dimension
pp 308-334
- By Philip R. Lane, Director of the Institute for International Integration Studies (IIIS) at Trinity College, Dublin, Giovanni Ganelli, research fellow at Trinity College, Dublin
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7 - Credit frictions and ‘Sudden Stops’ in small open economies: an equilibrium business cycle framework for emerging markets crises
pp 335-405
- By Cristina Arellano, PhD economics graduate student at Duke University., Enrique G. Mendoza, Professor of International Economics and Finance at the University
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8 - Asset pricing in macroeconomic models
pp 406-450
- By Paul Söderlind, Professor of Finance at the University of St Gallen (Switzerland) since 2003
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9 - Labour market search and monetary shocks
pp 451-486
- By Carl E. Walsh, Professor of Economics at the University of California, Santa Cruz.
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10 - On the introduction of endogenous labour income in deterministic and stochastic endogenous growth models
pp 487-508
- By Stephen J. Turnovsky, Castor Professor of Economics at the University of Washington
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11 - Growth and business cycles
pp 509-568
- By Gabriel Talmain, Professor of Economics at York University.
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Author index
pp 569-575
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Subject index
pp 576-582
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Dynamic Macroeconomic Analysis

Theory and Policy in General Equilibrium

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

List of contributors
pp vii-xii

Foreword
pp xiii-xxvi

Preface
pp xxvii-xxviii

1 - The application of stochastic dynamic programming methods to household consumption and saving decisions: a critical survey
pp 1-33

2 - Investment dynamics
pp 34-154

3 - Taxes and welfare in a stochastically growing economy
pp 155-211

4 - Recent developments in the macroeconomic stabilisation literature: is price stability a good stabilisation strategy?
pp 212-242

5 - On the interaction of monetary and fiscal policy
pp 243-307

6 - Dynamic general equilibrium analysis: the open economy dimension
pp 308-334

7 - Credit frictions and ‘Sudden Stops’ in small open economies: an equilibrium business cycle framework for emerging markets crises
pp 335-405

8 - Asset pricing in macroeconomic models
pp 406-450

9 - Labour market search and monetary shocks
pp 451-486

10 - On the introduction of endogenous labour income in deterministic and stochastic endogenous growth models
pp 487-508

11 - Growth and business cycles
pp 509-568

Author index
pp 569-575

Subject index
pp 576-582

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Dynamic Macroeconomic Analysis

Theory and Policy in General Equilibrium

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