Macroeconomics 1880 1900 1920 1940 1960 1980 2000 matthiasdoepke universityofchicago andreaslehnert boardofgovernorsofthe federalreservesystem andreww. Openstax rice university 6100 main street ms375 houston, texas 77005 to learn more about openstax, visit individual print copies and bulk orders can be purchased through our website. Advanced macroeconomics, econ 402 optimal control theory 1 introduction to optimal control theory with calculus of variations \in the bag, and having two essential versions of growth theory, we are now ready to examine another technique for solving dynamic optimization problems. The following terms are used by different authors to refer to this assumption. Because historical episodes allow diverse interpretations, many conclusions of macroeconomics are not coercive. A brief overview of the history of macroeconomics i classics smith, ricardo, marx did not have a sharp distinction between micro and macro. Output and consumption would grow at that rate too. This optimality condition gives, in effect, the optimal growth in. Intermediate macroeconomics lecture 4 growth models.
An intermediate level macroeconomics textbook that develops the core elements of modern macroeconomic theory in easily digestible bits using indifference curves, budgets constraints, and simple math. This is especially the case for macroeconomics and national income account. Lecture notes for macroeconomics i, 2004 yale economic. General examination in macroeconomic theory spring 2016 you have four hours. Assumption 2 inada conditions f satis es the inada conditions lim k. Keynes, the general theory of employment, interest, and money 1936. A steadystate economy is an economy made up of a constant stock of physical wealth capital. Keynesramsey conditionthe optimal steadystatenumerical ex. The firstorder conditions with respect to labor and capital yield formulas for wage and interest.
It could also be used by graduate students seeking a refresher. This is a book designed for use in an intermediate macroeconomics course or a masters. In china, on the other hand, wages were low, the condition of poor people was. The principle reason we need another method is due to the limitations to associated with calculus of variations. Intermediate macroeconomics lecture 3 the solow model.