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Published in:
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2019 | OriginalPaper | Chapter

1. Long Run Growth: The Basic Framework

Authors : Jin Cao, Gerhard Illing

Published in: Instructor's Manual for Money: Theory and Practice

Publisher: Springer International Publishing

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Abstract

This chapter provides exercises for the basic tools and modelling frameworks that are used for analyzing the equilibrium in a monetary economy in the long run, focusing on dynamic optimization and its applications. Solutions are provided for selected exercises.

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next chapter Money and Long Run Growth
Footnotes
1
A brief introduction to solving dynamic optimization problems is provided in the Appendix.
 
2
Please note that throughout the problem we take B as the stock of assets.
 
3
Time variable t is sometimes dropped when there is no confusion.
 
Literature
Dixit, A. K., & Stiglitz, J. E. (1977). Monopolistic Competition and optimal product diversity. American Economic Review, 67, 297–308.
Lucas, R. E., Jr. (1978). Asset prices in an exchange economy. Econometrica, 46, 1429–1445.CrossRef
Mas-Colell, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic theory. New York: Oxford University Press.
Mehra, R., & Prescott, E. C. (1985). The equity premium: A puzzle. Journal of Monetary Economics, 15, 145–161.CrossRef
Ravn, M., Schmitt-Grohé, S., & Uribe, M. (2006). Deep habits. Review of Economic Studies, 73, 195–218.CrossRef
Ravn, M., Schmitt-Grohé, S., & Uribe, M. (2007). Pricing To habits and the law of one price. American Economic Review, 97, 232–238.CrossRef
Metadata
Title
Long Run Growth: The Basic Framework
Authors
Jin Cao
Gerhard Illing
Copyright Year
2019
Book
Instructor's Manual for Money: Theory and Practice

Print ISBN: 978-3-030-23617-5

Electronic ISBN: 978-3-030-23618-2

Copyright Year: 2019

DOI
https://doi.org/10.1007/978-3-030-23618-2_1