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Introduction to Dynamic Macroeconomic Theory: An Overlapping Generations Approach, by George McCandless, Neil Wallace
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Economies are constantly in flux, and economists have long sought reliable means of analyzing their dynamic properties. This book provides a succinct and accessible exposition of modern dynamic (or intertemporal) macroeconomics. The authors use a microeconomics-based general equilibrium framework, specifically the overlapping generations model, which assumes that in every period there are two generations which overlap. This model allows the authors to fully describe economies over time and to employ traditional welfare analysis to judge the effects of various policies. By choosing to keep the mathematical level simple and to use the same modeling framework throughout, the authors are able to address many subtle economic issues. They analyze savings, social security systems, the determination of interest rates and asset prices for different types of assets, Ricardian equivalence, business cycles, chaos theory, investment, growth, and a variety of monetary phenomena.
Introduction to Dynamic Macroeconomic Theory will become a classic of economic exposition and a standard teaching and reference tool for intertemporal macroeconomics and the overlapping generations model. The writing is exceptionally clear. Each result is illustrated with analytical derivations, graphically, and by worked out examples. Exercises, which are strategically placed, are an integral part of the book.
- Sales Rank: #994033 in Books
- Brand: Brand: Harvard University Press
- Published on: 1992-01-01
- Released on: 1992-01-31
- Original language: English
- Number of items: 1
- Dimensions: 9.58" h x 1.10" w x 6.08" l, 1.47 pounds
- Binding: Hardcover
- 384 pages
- Used Book in Good Condition
About the Author
George McCandless is an economist at the Central Bank of Argentina.
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This is one of the best books I have. Many thanks go to my instructor for choosing this book as a required text book in my course econ 540 B in SIU. I learned a lot from this book and want to use my spare time to read the remaining chapters that are not covered during the semester. I love this book a lot and I have saved a copy of this book in my bookshelf.
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