Methods of Macroeconomic Dynamics
HardcoverOut of Print ISBN: 9780262200981 pp. | 6 in x 9 in
A clear, self contained, introduction to the structure of macroeconomic models and the tools of macroeconomics. Next time my students ask me how to setup a model for the dynamic effects of fiscal policy in a two-sector economy, or how they should think about introducing uncertainty in an endogenous growth model, I will tell them to start with Turnovsky's book.
Professor of Economics, MIT
Turnovsky's new book is a comprehensive treatment of modern macroeconomics dynamics. The book has two unusual strengths. First, it gives us an extensive development of the joint interaction between different components of the government and corporate budget constraints with the tax system. Second, it gives us a deep analysis of the impact of this interaction upon macroeconomic dynamics. This treatment alone will make this book a leading candidate for use in graduate courses. The book also treats endogenous growth models, stochastic models, open economy models, dynamic portfolio balance models, rational expectations models, stability of government deficit financing, effects of inflation, stabilization policy, and more.
William A. Brock
Vilas Research Professor of Economics, The University of Wisconsin