Macro_Lecture_Notes

Macro_Lecture_Notes - Lecture Notes in Macroeconomics John...

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Lecture Notes in Macroeconomics John C. Driscoll Brown University and NBER 1 December 3, 2001 1 Department of Economics, Brown University, Box B, Providence RI 02912. Phone (401) 863-1584, Fax (401) 863-1970, email:John Driscoll@brown.edu, web:http: \\ econ.pstc.brown.edu \ jd. c ° Copyright John C. Driscoll, 1999, 2000, 2001. All rights reserved. Do not reproduce without permission. Comments welcome. I especially thank David Weil, on whose notes substantial parts of the chapters on Money and Prices and Investment are based. Kyung Mook Lim and Wataru Miyanaga provided detailed corrections to typographical errors. Several classes of Brown students have provided suggestions and corrections. All remaining errors are mine.
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Contents 1 Money and Prices 1 1.1 De f n i t ion s............................... 2 1 .1 .1 P r i c e s ............................. 2 1 .1 .2 Mon ey. ............................ 2 1 .2 Th eH i s t o ryo fMon ey . ....................... 3 1 .3 Th eD em andfo rMon ey . ...................... 4 1 .3 .1 Th eB aum o l -T ob inM od e lo fM on eyD em and . ...... 4 1.4 Money in Dynamic General Equilibrium. ............. 6 1 .4 .1 D i s c r e t eT im e......................... 7 1 .4 .2 Con t inuou sT im e....................... 10 1 .4 .3 So lv ingth eM od e l ...................... 13 1 .5 Th eop t imumquan t i tyo fmon ey . ................. 14 1 .5 .1 Th eQuan t i t yTh e o ryo fM on ey. .............. 14 1.6 Seigniorage, Hyperin F ation and the Cost of In F a t ion.
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Macro_Lecture_Notes - Lecture Notes in Macroeconomics John...

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