Transcription of Lecture notes for Macroeconomics I, 2004
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Lecture notes for Macroeconomics I, 2004
Lecture notes for Macroeconomics I, 2004 Per KrusellPlease do NOT distribute without permission!Comments and suggestions are 1 IntroductionThese Lecture notes cover a one-semester course. The overriding goal of the course isto begin provide methodological tools for advanced research in Macroeconomics . Theemphasis is on theory, although data guides the theoretical explorations. We build en-tirely on models with microfoundations, , models where behavior isderivedfrom basicassumptions on consumers preferences, production technologies, information, and so is always assumed to be rational: given the restrictions imposed by the primi-tives, all actors in the economic models are assumed to maximize their studies emphasize decisions with a time dimension, such as variousforms of investments. Moreover, it is often useful to assume that the time horizon isinfinite.
Chapter 1 Introduction These lecture notes cover a one-semester course. The overriding goal of the course is ... Mapping Kt into Kt+1 graphically, this can be pictured as in Figure 2.1. k t k t+1 k* k* Figure 2.1: Convergence in the Solow model The intersection of the 45o line with the savings function determines the stationary
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