Advanced Macroeconomics: Advanced Economics Series Textbook for the 21st Century

Author: Gong Litang
Publisher:
Publish Date: 2005-04-01
Features: This book serves as an advanced textbook for learning and understanding macroeconomics, aiming to cover all major areas of the subject. It introduces classical income determination models and their new developments, important models of economic growth, the role of government in economic growth, consumption functions and consumption theory, investment functions and investment theory. Additionally, we discuss the issue of optimal government taxation and dedicate significant to monetary issues such as the role of money, the welfare effects of money, optimal money supply, and optimal inflation rates. Finally, we explore an important aspect of macroeconomics—asset pricing. This book employs a combination of continuous and discrete models to study the aforementioned issues, which helps readers gain familiarity with both continuous and discrete approaches. At the same time, we cover models under certainty as well as a large number of uncertain models. The methods used to study these issues primarily include the Lagrange method, the Bellman principle, and optimal control theory. A brief introduction to these methods is provided in the mathematical appendix. This book is suitable as a macroeconomics textbook for advanced undergraduate and graduate students, as well as a reference for professionals specializing in economics.