Per Krusell(2014)Real Macroeconomic Theory

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1、RealMacroeconomicTheoryMarch,2014PerKrusellPleasedonotdistributewithoutpermission!12Contents1Aim92Aframeworkformacroeconomics112.1Fromtheaccountingidentitytoaresourceconstraint.............122.1.1Theaggregateproductionfunctionanditsinputs...........122.2Intert

2、emporalmacroeconomics..........................152.3Supply-vs.demand-drivenoutput........................152.4Accountingforthegrowthfacts.........................172.5Thetimehorizonandthepopulation......................192.5.1Time..............................

3、......192.5.2People...................................202.5.3Preferences................................222.5.4Choice...................................222.6Previewofthewholetext............................243TheSolowmodel273.1Themodel.........................

4、............273.2Applications....................................303.2.1Growth..................................303.2.2Businesscycles..............................353.2.3UsingtheSolowmodelforotherappliedmacroeconomicquestions..414Dynamicoptimization434.1Sequen

5、tialmethods................................434.1.1Afinitehorizon..............................434.1.2Infinitehorizon..............................504.2Dynamicprogramming..............................584.3ThefunctionalEulerequation..........................674.4R

6、eferences.....................................695Competitiveequilibriumindynamicmodels715.1Sequentialcompetitiveequilibrium.......................735.1.1Anendowmenteconomywithdate-0trade...............7335.1.2Thesameendowmenteconomywithsequentialtrade.........

7、755.1.3Theneoclassicalgrowthmodelwithdate-0trade............765.1.4Theneoclassicalgrowthmodelwithsequentialtrade.........795.2Recursivecompetitiveequilibrium........................805.2.1Theneoclassicalgrowthmodel......................815.2.2Theendowmentecono

8、mywithoneagent................845.2.3Anendowmenteconomywithtwoagents................855.2.4Neoclassicalproductionagain,withcapitalaccumulationbyfirms..866Uncertainty896.1Examplesofc