Dirk Krueger macroeconomic theory .pdf

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1、MacroeconomicTheoryDirkKrueger1DepartmentofEconomicsStanfordUniversityDecember21,20011IamgratefultomyteachersinMinnesota,V.VChari,TimothyKehoeanndEdwardPrescott,andmycolleaguesatStanford,RobertHall,BeatrixPaalandTomSargent,forhelpingmetolearnmodernmacroeconomictheory.Allremainingerrorsareminealone.

2、iiContents1OverviewandSummary12ASimpleDynamicEconomy52.1GeneralPrinciplesforSpecifyingaModel.............52.2AnExampleEconomy........................62.2.1De…nitionofCompetitiveEquilibrium...........82.2.2SolvingfortheEquilibrium.................92.2.3ParetoOptimalityandtheFirstWelfareTheorem....11

3、2.2.4Negishi’s(1960)MethodtoComputeEquilibria......142.2.5SequentialMarketsEquilibrium...............182.3Appendix...............................233TheNeoclassicalGrowthModelinDiscreteTime273.1SetupoftheModel..........................273.2OptimalGrowth:ParetoOptimalAllocations...........293.2.1Soci

4、alPlannerProbleminSequentialFormulation....293.2.2RecursiveFormulationofSocialPlannerProblem.....313.2.3AnExample.........................333.2.4TheEulerEquationApproachandTransversalityCondi-tions..............................393.3CompetitiveEquilibriumGrowth..................493.3.1De…nitionofCom

5、petitiveEquilibrium...........513.3.2RepresentationoftheEconomyinArrow-DebreuLanguage523.3.3CharacterizationoftheCompetitiveEquilibriumandtheWelfareTheorems......................523.3.4SequentialMarketsEquilibrium...............573.3.5RecursiveCompetitiveEquilibrium.............574MathematicalPreli

6、minaries594.1CompleteMetricSpaces.......................604.2ConvergenceofSequences......................614.3TheContractionMappingTheorem................654.4TheTheoremoftheMaximum...................71iiiivCONTENTS5DynamicProgramming735.1ThePrincipleofOptimality.....................735.2DynamicPro

7、grammingwithBoundedReturns..........806ModelswithUncertainty836.1BasicRepresentationofUncertainty................836.2De…nitionsofEquilibrium......................856.2.1Arrow-DebreuMarketStructure.........