Macroeconomic Dynamics Method (Second Edition)

Author: Stephen J. Turnovsky & Wang Genbei
Publisher:
Publish Date: 2002-10-01
Features: A New Century University Economics Textbook Translation Series. Just as macroeconomic models describe the entire economy within a constantly changing or dynamic framework, these models themselves are also evolving over time. In this book, Stephen J. Turnovsky not only provides an in-depth evaluation of early models but also fully demonstrates recent models. These models include traditional (forward-looking) models, intertemporal optimization models, endogenous growth models, and continuous-time stochastic models. The author has also selected examples from both closed economies and open economies. While other authors often introduce models within the context of closed economies and only discuss their application in open economies as supplementary content, Turnovsky has organically integrated both analytical perspectives, thereby offering a comprehensive summary of the increasingly internationalized research findings in this field. The new edition has been extensively revised: Chapter 12, on optimal currency and fiscal policy, has been added, and the coverage of growth theory has been significantly expanded. The content of the growth models considered has also been substantially adjusted—with particular attention paid to transitional dynamics and non-scale growth. The book includes cutting-edge research and unpublished materials, including many personal academic contributions from the authors.