Lecture notes for Macroeconomics I, 2004
Per Krusell
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Comments and suggestions are welcome.
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Chapter 1 Introduction
These lecture notes cover a one-semester course. The overriding goal of the course
Lecture Notes in Macroeconomics
John C. Driscoll Brown University and NBER1 December 3, 2001
Department of Economics, Brown University, Box B, Providence RI 02912. Phone (401) 863-1584, Fax (401) 863-1970, email:John [email protected], web:http:\ c
Chapter 7 Search and Bargaining Models of Exchange
7.1 Introduction
In this chapter we consider models of the exchange process where, as in the previous chapter, once agents meet they exchange and part company (they do not form enduring relationship
The Search-Theoretic Approach to Monetary Economics: A Primer
Peter Rupert Martin Schindler Randall Wright March 27, 2000 Andrei Shevchenko
Abstract This paper presents a simple version of the basic models used in the search-theoretic approach to mo
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Poisson Processes
An arrival is simply an occurance of some event - like a phone call, a job offer, or whatever - that happens at a particular point in time. We want to talk about a class of continuous time stochastic processes called arrival pro
Search-and-Matching Models of Monetary Exchange
Prepared for The New Palgrave by Randall Wright University of Pennsylvania
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Introduction
In this article we review a class of equilibrium search (matching) models that can be used to study the tradi
Chapter 2 Job Search Theory
2.1 Introduction
Here we present the basic job search model, in both discrete and continuous time, and introduce some of the many elaborations and applications that have been discussed in the literature. This focus in thi
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Notes on the OLG Model
Introduction
The overlapping generations (OLG) model, introduced by Sameulson (1958), is a dynamic economic model with many interesting properties. It contains agents who are born at dierent dates and have nite lifetime
Monetary Economics
What follows is a very long list of papers related to the topics that will be covered in this course. Obviously, we will discuss explicitly only a fraction of this material, but it may be good to have an extensive bibliography. A s
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The Neoclassical Growth Model
The neoclassical growth model, which originated with the work of Solow and Swan, consists of the following relationships: a production function, yt = f (ht ; kt ), where yt is output, ht is labor, and kt is capital a
Chapter 6 Search Models of Production and Exchange
6.1 Introduction
In this chapter we study a class of equilibrium search models .rst introduced by Diamond (1982), and since extended by several others. The basic model is a prototype used to illustr
Cash-In-Advance
Randall Wright
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Basic Assumptions
We begin with a very simple model: an endowment economy with homogeneous agents. The representative agent chooses a sequence for consumption ct to solve X max t u(ct ),
t=0
subject to recursive
Chapter 0 Discrete Time Dynamic Programming
0.1 The Finite Horizon Case
Time is discrete and indexed by t = 0; 1; : : : ; T , where T < 1. An individual is interested in maximizing an objective function given by E0
T X t=0
t u(xt ; at );
(0.1)
w
Chapter 9 Bargaining Theory
In this section we present the basics of bilateral bargaining theory. We begin by discussing the axiomatic model of Nash (1950). We then describe a simple version of the strategic model developed by Rubinstein (1982). We t