Just as macroeconomic models describe the overall economy within a changing, or dynamic, framework, the models themselves change over time. In this text Stephen J. Turnovsky reviews in depth several early models as well as a representation of more recent models. They include traditional (backward-looking) models, linear rational expectations (future-looking) models, intertemporal optimization models, endogenous growth models, and continuous time stochastic models. The author uses examples from both closed and open economies. Whereas others commonly introduce models in a closed context, tacking on a brief discussion of the model in an open economy, Turnovsky integrates the two perspectives throughout to reflect the increasingly international outlook of the field. This new edition has been extensively revised. It contains a new chapter on optimal monetary and fiscal policy, and the coverage of growth theory has been expanded substantially. The range of growth models considered has been extended, with particular attention devoted to transitional dynamics and nonscale growth. The book includes cutting-edge research and unpublished data, including much of the author's own work.

Methods of Macroeconomics Dynamics

Business & Money

Turnovsky, Stephen J.

Economics

MIT Press]

International Macroeconomic Dynamics provides extensive applications of important macroeconomic dynamic models to the international economy.
For a long time, the study of macroeconomics has focused almost exclusively on a closed economy and downplayed the role of international transactions. Today, however, researchers recognize that one cannot fully understand domestic macroeconomic relationships without considering the global economy within which each country operates. Increasingly, economists are treating international transactions as an integral part of the macroeconomic system, and international macroeconomics has become an area of intensive research activity. International Macroeconomic Dynamics provides extensive applications of important macroeconomic dynamic models to the international economy. It adopts the main contemporary macroeconomic framework, the representative agent model, and develops a series of models of increasing complexity. The author considers both small and large economies and analyzes them in both deterministic and stochastic contexts. The emphasis is very much on the development of the analytical models; a novel feature is the extensive use of continuous-time stochastic methods. While the author applies the models to a range of important policy issues, particularly issues of fiscal policy, the reader is invited to view the analyses as blueprints for other applications.

International Macroeconomic Dynamics

Just as macroeconomic models describe the overall economy within a changing, or dynamic, framework, the models themselves change over time. In this text Stephen J. Turnovsky reviews in depth several early models as well as a representation of more recent models. They include traditional (backward-looking) models, linear rational expectations (future-looking) models, intertemporal optimization models, endogenous growth models, and continuous time stochastic models. The author uses examples from both closed and open economies. Whereas others commonly introduce models in a closed context, tacking on a brief discussion of the model in an open economy, Turnovsky integrates the two perspectives throughout to reflect the increasingly international outlook of the field. This new edition has been extensively revised. It contains a new chapter on optimal monetary and fiscal policy, and the coverage of growth theory has been expanded substantially. The range of growth models considered has been extended, with particular attention devoted to transitional dynamics and nonscale growth. The book includes cutting-edge research and unpublished data, including much of the author's own work.

Methods of Macroeconomic Dynamics - 2nd Edition

Mit Pr

This workbook with exercises and solutions accompanies Turnovsky's textbook, Methods of Macroeconomic Dynamics. There are fourteen chapters of exercises which are intended to help students master the basic methods of macroeconomic dynamic analysis.

Workbook for Methods of Macroeconomic Dynamics

Hendrickson, Michael K.

The MIT Press

This workbook accompanies the second edition of Stephen Turnovsky's Methods of Macroeconomic Dynamics.
This workbook accompanies the second edition of Stephen Turnovsky's Methods of Macroeconomic Dynamics. New problems have been added to most of the chapters, particularly those that are new to the second edition of the book. In general, those exercises near the beginning of the book and the first few exercises of each chapter are the easiest to solve.

Workbook for Methods of Macroeconomic Dynamics - 2nd Edition

Hendrickson, Michael

Chatterjee, Santanu

Economic growth is an issue of primary concern to policy makers in both developed and developing economies. As a consequence, growth theory has long occupied a central role in economics. In this book, renowned growth theorist Stephen J. Turnovsky investigates the process of economic growth in a small open economy, showing that it is sensitive to the productive structure of the economy. The book comprises three parts, beginning with models where the only intertemporally viable equilibrium is one in which the economy is always on its balanced growth path. Empirical evidence suggests relatively slow speeds of convergence so the second part of the book looks at several alternative ways in which transitional dynamics may be introduced. In the third and final part, the author applies the growth model to the issue of foreign aid, focusing specifically on whether aid should be untied or tied to the accumulation of public capital.

Capital Accumulation and Economic Growth in a Small Open Economy (The CICSE Lectures in Growth and Development)

Cambridge University Press

The main focus of this book, first published in 1977, is the construction and analysis of an integrated macroeconomic model. In this exercise, four main aspects are stressed that has not previously received adequate textbook attention. The 'intrinsic dynamics' of the macroeconomic system are emphasized, as well as developments in inflation theory, particularly pertaining to the role of inflationary expectations. In addition, several chapters are devoted to the international aspects of macroeconomics, and their thorough coverage makes this book especially relevant to countries that are heavily dependant on international trade. Several aspects of stabilization policy are also discussed in detail, and an introduction to optimal stabilization theory is also provided. The book is appropriate to advanced undergraduate and postgraduate courses in macroeconomics.

Macroeconomic Analysis and Stabilization Policy

See the best price to sell, buy, or rent books by Turnovsky, Stephen J.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Turnovsky, Stephen J.

See the best price to sell, buy, or rent books by Turnovsky, Stephen J.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Methods of Macroeconomics Dynamics

International Macroeconomic Dynamics

Methods of Macroeconomic Dynamics - 2nd Edition

Workbook for Methods of Macroeconomic Dynamics

Workbook for Methods of Macroeconomic Dynamics - 2nd Edition

Capital Accumulation and Economic Growth in a Small Open Economy (The CICSE Lectures in Growth and Development)

Macroeconomic Analysis and Stabilization Policy

Macroeconomic Analysis and Stabilization Policy

Capital Accumulation and Economic Growth in a Small Open Economy (The CICSE Lectures in Growth and Development)