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1、LecturenotesforMacroeconomicsI,2004PerKrusellPleasedoNOTdistributewithoutpermission!Commentsandsuggestionsarewelcome.12Chapter1IntroductionTheselecturenotescoveraone-semestercourse.Theoverridinggoalofthecourseistobeginprovidemethodologicaltoolsforadvancedresearchinmacroeconomics.Theemph
2、asisisontheory,althoughdataguidesthetheoreticalexplorations.Webuilden-tirelyonmodelswithmicrofoundations,i.e.,modelswherebehaviorisderivedfrombasicassumptionsonconsumers'preferences,productiontechnologies,information,andsoon.Behaviorisalwaysassumedtoberational:giventherestrictionsimpose
3、dbytheprimi-tives,allactorsintheeconomicmodelsareassumedtomaximizetheirobjectives.Macroeconomicstudiesemphasizedecisionswithatimedimension,suchasvariousformsofinvestments.Moreover,itisoftenusefultoassumethatthetimehorizonisin¯nite.Thismakesdynamicoptimizationanecessarypartofthetoolswene
4、edtocover,andthe¯rstsigni¯cantfractionofthecoursegoesthrough,inturn,sequentialmaximizationanddynamicprogramming.Weassumethroughoutthattimeisdiscrete,sinceitleadstosimplerandmoreintuitivemathematics.Thebaselinemacroeconomicmodelweuseisbasedontheassumptionofperfectcom-petition.Currentrese
5、archoftendepartsfromthisassumptioninvariousways,butitisimportanttounderstandthebaselineinordertofullyunderstandtheextensions.There-fore,wealsospendsigni¯canttimeontheconceptsofdynamiccompetitiveequilibrium,bothexpressedinthesequenceformandrecursively(usingdynamicprogramming).Inthisconte
6、xt,thewelfarepropertiesofourdynamicequilibriaarestudied.In¯nite-horizonmodelscanemploydi®erentassumptionsaboutthetimehorizonofeacheconomicactor.Westudytwoextremecases:(i)allconsumers(really,dynasties)liveforever-thein¯nitely-livedagentmodel-and(ii)consumershave¯niteanddeterministiclifet
7、imesbutthereareconsumersofdi®erentgenerationslivingatanypointintime-theoverlapping-generationsmodel.Thesetwocasessharemanyfeaturesbutalsohaveimportantdi®erences.Mostofthecoursematerialisbuiltonin¯nitely-livedagents,butwealsostudytheoverlapping-generationsmodelinsomedepth.Finall
