624.1 928.7 753.7 1090.7 896.3 935.2 818.5 935.2 883.3 675.9 870.4 896.3 896.3 1220.4 799.2 642.3 942 770.7 799.4 699.4 799.4 756.5 571 742.3 770.7 770.7 1056.2 770.7 732.4 685 742 685.2 685.2 685.2 685.2 685.2 628.1 628.1 456.8 456.8 456.8 456.8 513.9 Lecture notes files. endobj /Widths[351.8 611.1 1000 611.1 1000 935.2 351.8 481.5 481.5 611.1 935.2 351.8 416.7 10 0 obj 384.3 611.1 675.9 351.8 384.3 643.5 351.8 1000 675.9 611.1 675.9 643.5 481.5 488 299.2 489.6 489.6 489.6 489.6 489.6 734 435.2 489.6 707.2 761.6 489.6 883.8 992.6 /FontDescriptor 12 0 R 742.3 742.3 799.4 799.4 628.1 821.1 673.6 542.6 793.8 542.4 736.3 610.9 871 562.7 endobj >> endstream endobj startxref 458.6 458.6 458.6 458.6 693.3 406.4 458.6 667.6 719.8 458.6 837.2 941.7 719.8 249.6 ���=��U=�L�ZZ�ˬN'�C����{A����z�l�.�L. 513.9 399.7 399.7 285.5 513.9 513.9 628.1 513.9 285.5 856.5 770.7 856.5 428.2 685.2 13 0 obj /FirstChar 33 /Widths[285.5 513.9 856.5 513.9 856.5 799.4 285.5 399.7 399.7 513.9 799.4 285.5 342.6 Macroeconomics III Frederik Mun ter The price of one unit of second period consumption is 1 R t units of rst period consumption. 795.8 795.8 649.3 295.1 531.3 295.1 531.3 295.1 295.1 531.3 590.3 472.2 590.3 472.2 /BaseFont/BWUAAD+CMR9 /BaseFont/UTPXUH+CMSY9 ���Y������>����5PE���J��HD��#�DQ�Dk�A�X�2駛 s�"LK��L=��bR,�$�ɻ�נPbz*ƴ�M'3a�M���?�|6��V����Ƒ-�٢S��m�F���p�\g-l:�m�8mq,��A-�+lyIV}׃�s��E����\j��2���h��٫a�K���v�?��^��ZK*�0U�J��n�5P�H�!��;�. 799.4 799.4 799.4 799.4 799.4 799.4 799.4 799.4 799.4 1027.8 1027.8 799.4 799.4 1027.8 /Subtype/Type1 Some questions addressed by macroeconomics: 1. 799.4] 696.6 782.2 707.9 1229.2 842.1 816.3 716.8 839.3 873.9 622.4 563.2 642.3 632.1 1017.5 /FirstChar 33 A Brief Overview of the History of Macroeconomics I • Classics (Smith, Ricardo, Marx) did not have a sharp distinction be-tween micro and macro. 826.4 295.1 531.3] 384.3 611.1 611.1 611.1 611.1 611.1 896.3 546.3 611.1 870.4 935.2 611.1 1077.8 1207.4 /LastChar 196 /Name/F6 489.6 489.6 489.6 489.6 489.6 489.6 489.6 489.6 489.6 489.6 272 272 272 761.6 462.4 734 761.6 666.2 761.6 720.6 544 707.2 734 734 1006 734 734 598.4 272 489.6 272 489.6 462.4 761.6 734 693.4 707.2 747.8 666.2 639 768.3 734 353.2 503 761.2 611.8 897.2 458.6] /Widths[1027.8 513.9 513.9 1027.8 1027.8 1027.8 799.4 1027.8 1027.8 628.1 628.1 1027.8 1565 0 obj <> endobj 285.5 799.4 485.3 485.3 799.4 770.7 727.9 742.3 785 699.4 670.8 806.5 770.7 371 528.1 << 805.5 896.3 870.4 935.2 870.4 935.2 0 0 870.4 736.1 703.7 703.7 1055.5 1055.5 351.8 Macroeconomics Notes A necessary skill for money management Yiqiao Yin 1 1Graduate student at Simon Business School during 2015 to 2016. Welcome! 351.8 611.1 611.1 611.1 611.1 611.1 611.1 611.1 611.1 611.1 611.1 611.1 351.8 351.8 University College Dublin, Advanced Macroeconomics Notes, 2020 (Karl Whelan) Page 7 Optimising Behaviour by the Consumer We will assume that consumers wish to maximize a welfare function of the form W= X1 k=0 1 1 + ! 255/dieresis] MIT OpenCourseWare is a free & open publication of material from thousands of MIT courses, covering the entire MIT curriculum.. No enrollment or registration. • Beginning of the XX century: Wicksell, Pigou. /Type/Font /Type/Font 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 663.6 885.4 826.4 736.8 /LastChar 196 /Encoding 7 0 R /LastChar 196 /Encoding 7 0 R /Filter[/FlateDecode] 413.2 590.3 560.8 767.4 560.8 560.8 472.2 531.3 1062.5 531.3 531.3 531.3 0 0 0 0 /Differences[33/exclam/quotedblright/numbersign/dollar/percent/ampersand/quoteright/parenleft/parenright/asterisk/plus/comma/hyphen/period/slash/zero/one/two/three/four/five/six/seven/eight/nine/colon/semicolon/exclamdown/equal/questiondown/question/at/A/B/C/D/E/F/G/H/I/J/K/L/M/N/O/P/Q/R/S/T/U/V/W/X/Y/Z/bracketleft/quotedblleft/bracketright/circumflex/dotaccent/quoteleft/a/b/c/d/e/f/g/h/i/j/k/l/m/n/o/p/q/r/s/t/u/v/w/x/y/z/endash/emdash/hungarumlaut/tilde/dieresis/Gamma/Delta/Theta/Lambda/Xi/Pi/Sigma/Upsilon/Phi/Psi/Omega/ff/fi/fl/ffi/ffl/dotlessi/dotlessj/grave/acute/caron/breve/macron/ring/cedilla/germandbls/ae/oe/oslash/AE/OE/Oslash/suppress/Gamma/Delta/Theta/Lambda/Xi/Pi/Sigma/Upsilon/Phi/Psi ��4�cY.�#@�H��"/΃�� _�� 708.3 795.8 767.4 826.4 767.4 826.4 0 0 767.4 619.8 590.3 590.3 885.4 885.4 295.1 • 1945-1970, heyday of Neoclassical Synthesis: Samuelson, Solow, Klein. 667.6 719.8 667.6 719.8 0 0 667.6 525.4 499.3 499.3 748.9 748.9 249.6 275.8 458.6 endobj SES # TOPICS FILES; 1–2: Introduction. 1584 0 obj <>stream 896.3 896.3 740.7 351.8 611.1 351.8 611.1 351.8 351.8 611.1 675.9 546.3 675.9 546.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 799.4 285.5 799.4 513.9 799.4 513.9 /LastChar 196 With few exceptions, the articles are also summarized in Romer or Blanchard and Fischer. /Encoding 7 0 R << k U(C t+k)(11) where U(C t) is the instantaneous utility obtained at time t, and is a positive number that /FirstChar 33 481.5 675.9 643.5 870.4 643.5 643.5 546.3 611.1 1222.2 611.1 611.1 611.1 0 0 0 0 513.9 770.7 456.8 513.9 742.3 799.4 513.9 927.8 1042 799.4 285.5 513.9] << %PDF-1.3 %���� 742.3 799.4 0 0 742.3 599.5 571 571 856.5 856.5 285.5 314 513.9 513.9 513.9 513.9 /FirstChar 33 /Type/Font 7 0 obj Thus, the price of consumption in period 2 is decreasing in R 1. 19 0 obj 761.6 679.6 652.8 734 707.2 761.6 707.2 761.6 0 0 707.2 571.2 544 544 816 816 272 /FirstChar 33 351.8 935.2 578.7 578.7 935.2 896.3 850.9 870.4 915.7 818.5 786.1 941.7 896.3 442.6 27 0 obj /FontDescriptor 24 0 R << << /Name/F2 Keynes, The General Theory of Employment, Interest, and Money (1936). /LastChar 196 /Type/Font /Subtype/Type1 • References in the notes refer to articles given on the reading list. /Subtype/Type1 By contrast, microeconomics ��8�j���/���r�_i�;1���dh�f2ܑd��}�|'�4:ß�d}mW����@��^i(�5%j�>PET!r��L�C�/�J��Xd�*�+L�rg������Ngg�%9�R&ǜ��j7�I ��Tiٞi+�)X�#J�:0��ɰa_@�o���u�ѯKz�a����M��&�. Phone (401) 863-1584, Fax (401) 863-1970, email:John Driscoll@brown.edu, web:http:nn /BaseFont/AYRTHJ+CMR8 Ch 23 Measuring a Nation’s Income Introduction Microeconomics studies how households and firms make decisions and how they interact in markets. 295.1 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 295.1 295.1 >> /Type/Font This is one of over 2,200 courses on OCW. >> 285.5 513.9 513.9 513.9 513.9 513.9 513.9 513.9 513.9 513.9 513.9 513.9 285.5 285.5 /BaseFont/XWTGAJ+CMR17 << This document is dedicated to Professor Gregory H Bauer. Find materials for this course in the pages linked along the left. Preface This document takes readers through a series of topics in macronomics. �2e���� ��%ߧ[9��o_r���W� /Name/F1 • J.M. /Widths[295.1 531.3 885.4 531.3 885.4 826.4 295.1 413.2 413.2 531.3 826.4 295.1 354.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 753.7 1000 935.2 831.5 /Subtype/Type1 /Name/F5 Economics AS Macroeconomics Notes Aggregate Demand – The total demand for a country’s goods and services at a given price level and in a given time period. /BaseFont/IPJPKD+CMR6 endobj /LastChar 196 /FontDescriptor 18 0 R endobj /Encoding 7 0 R 544 516.8 380.8 386.2 380.8 544 516.8 707.2 516.8 516.8 435.2 489.6 979.2 489.6 489.6 It can be derived through a Lagrangian or substitution. /FontDescriptor 9 0 R endobj 0 /Widths[249.6 458.6 772.1 458.6 772.1 719.8 249.6 354.1 354.1 458.6 719.8 249.6 301.9 >> << 799.4 799.4 799.4 799.4 0 0 799.4 799.4 799.4 1027.8 513.9 513.9 799.4 799.4 799.4 %PDF-1.2 /FirstChar 33 >> 249.6 458.6 458.6 458.6 458.6 458.6 458.6 458.6 458.6 458.6 458.6 458.6 249.6 249.6 324.7 531.3 531.3 531.3 531.3 531.3 795.8 472.2 531.3 767.4 826.4 531.3 958.7 1076.8 489.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 611.8 816 h��{yXS��}�9�A�IeT@� ��2��p("zժM�Ge�Y@P+j+����h�zo�*�~h������r�ɜ��P���G��x8�}�^{���F "J�/�!�`��C`4CF����X^��7Mu�qG��y"7w���uD v�7��٩,m�K\%A�@�Og�G���2�܆��� ����1��P�S1����5�������VFf�V!�j���W:*����N�zi���NE�������M9�ݼ�(�O4"+��]��`�9j�Ö�l�G�n>���k��Le�jd�� ���e�s�>��k��Vג��hF���m��Ve��1��zZf�~�[�yw�T������6������2��s��Y�QW'���ZZvEѯ 7뉒_��颂�:�$�-�K&Dx��N.ݥ3ُ�g�,����Z�4�~�X�o����O�2B�;��>+���/��Y�^��Q���:u{#��Q�Qtvù��l3���B����,�¢;\)!�Ls)�7�o������F�47Y����L�bp��O�1 ��mP�~0� A�u�=0Y �'�!V��S��;Rh�H��`K4�T���!v���k&����ś+sP}���`��.u��n�"��.��KM��ێ�t�#.�߄��KV�6�z{fW����y��E��E1Q�¯��k�bQ�֊��ݝ�ׯw#JR+*ۋo7�.����b/f��ʥ�Kŕ�Ý啅Ņ�W��]��_/�..���*�>�/,)j�Hܺ�]u���;�I�]y|����RAwqg��d��v��R�Õ�+�ި�8Q.s�Dl�֫nw���.�,��œ�������R�������Y]O�t�����C���D���HIIT{����vLW{l{�weI�C��ʪ���;�{�0U��X�����%%�E_�@\m�lo/��)���XwWLWUoeN{VAF�Պ�u�W�z7Wv_�.�e��E\��m$�TEJԞb�눗!�ۼu�� 935.2 351.8 611.1] /Type/Font This is an archived course. /BaseFont/JSRFRY+CMR12 /FontDescriptor 15 0 R /Name/F3 The lecture notes combine the approaches of and adapt materials in both books. 471.5 719.4 576 850 693.3 719.8 628.2 719.8 680.5 510.9 667.6 693.3 693.3 954.5 693.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 642.3 856.5 799.4 713.6 685.2 770.7 742.3 799.4 /Subtype/Type1 It is thus not necessary to read all or even most of the ar-ticles on the list. >> >> 761.6 272 489.6] /Type/Encoding >> 770.7 628.1 285.5 513.9 285.5 513.9 285.5 285.5 513.9 571 456.8 571 457.2 314 513.9 Macroeconomics (Research) Lecture notes (WS 10/11) Prof. Dr. Gerhard Illing, LMU University of Munich 1.1 Basic Tools: The Problem of Optimal Control – An intuitive Guide 1.1.1 Dynamic optimisation problem with inequality constraints – Discrete time =∑T= tt t c t V 0 U c ( ) max (0) β [ ] β = + ρ1/(1 ) discount factor with ρ as time preference.

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