Read e-book online Advanced Macroeconomics PDF

By David Romer

ISBN-10: 0070536678

ISBN-13: 9780070536678

Designed for graduate classes in macroeconomics, this crucial new textual content by way of a exclusive economist is the newest addition to McGraw-Hill's complex sequence in Economics. The textual content is an advent to the learn of macroeconomics at a complicated point. inside every one half, the foremost concerns and competing theories are mentioned. The presentation of theories is supplemented with examples of appropriate empirical paintings as a fashion of illustrating how macroeconomics theories should be utilized or validated. every one bankruptcy concludes with an intensive set of difficulties.

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Example text

In our impulse-response analysis, we set sz ¼ 0:1. 3 shows the impulse-response paths for selected key variables (solid lines). The exogenous productivity index appear in the top left-hand panel. The figure shows that productivity has a positive effect on output and a negative effect on price, which then encourages more consumption. The improvement in productivity also results in a fall in labor and an increase in the real wage. Foreign debt initially increases with the fall in the trade balance (imports increase with the increase in production but exports remain fixed).

Note that all variables are well behaved in that they display mean-reverting behavior. We also note that the price level, due to the assumption of full flexibility in price-setting behavior, is much more volatile than the exchange rate. 4 Simulated time series match the relatively sluggish real world behavior of goods prices relative to asset prices. The issue of sticky prices will be considered in chapter 3. After this initial simulation, it is useful to perform additional simulations, for different draws of the random shocks driving the model to check for robustness.

That is not the case for projection methods. In summary, we work with one basic approach for solving models: the projection method, which is closely related to the Wright and Williams (1982, 1984, 1991) smoothing algorithm. We show that this method may be viewed as a computerized analogue of the method of undetermined coefficients commonly used to solve rational expectations models. With this method, as noted by Canova (2007), the approximation is globally valid as opposed to being valid only around a particular steady-state point as is the case for perturbation methods.

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Advanced Macroeconomics by David Romer

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