Download e-book for iPad: Advanced Macroeconomics, 4th edition by David Romer

By David Romer

David Romer’s complicated Macroeconomics, 4e, maintains its culture because the common textual content and the start line for graduate macroeconomic classes and is helping lay the foundation for college kids to start doing learn in macroeconomics and financial economics. Formal types are used to give and examine key rules and matters. The theoretical research is supplemented through examples of proper empirical paintings, illustrating the ways in which theories will be utilized and confirmed. This well-respected and recognized textual content is exclusive available on the market.

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Example text

DeLong (1988) demonstrates, however, that Baumol’s finding is largely spurious. There are two problems. The first is sample selection. Since historical data are constructed retrospectively, the countries that have long data series are generally those that are the most industrialized today. Thus countries that were not rich 100 years ago are typically in the sample only if they grew rapidly over the next 100 years. Countries that were rich 100 years ago, in contrast, are generally included even if their subsequent growth was only moderate.

This value of k ∗ is known as the golden-rule level of the capital stock. We will discuss the golden-rule capital stock further in Chapter 2. Among the questions we will address are whether the golden-rule capital stock is in fact desirable and whether there are situations in which a decentralized economy with endogenous saving converges to that capital stock. Of course, in the Solow model, where saving is exogenous, there is no more reason to expect the capital stock on the balanced growth path to equal the goldenrule level than there is to expect it to equal any other possible value.

29) implies that in the vicinity of the balanced growth path, k moves toward k ∗ at a speed approximately proportional to its distance from k ∗ . That is, the growth rate of k(t ) − k ∗ is approximately constant and equal to −λ. 30) where k(0) is the initial value of k. 30) follows just from the facts that the system is stable (that is, that k converges to k ∗ ) and that we are linearizing the equation for k˙ around k = k ∗ . It remains to find λ; this is where the specifics of the model enter the analysis.

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