Dynamic Macroeconomics: A Didactic Numeric Model

Teaching Dynamic Macroeconomics at undergraduate courses relies exclusively on intuitive prose and graphics depicting behaviours and steady states of the main markets of the economy. But when the case of forward-looking agents and the macroeconomic implications of their actions are discussed, intuit...

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Autores:
Posada, Carlos Esteban
Sanchez, Santiago
Tipo de recurso:
Fecha de publicación:
2018
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
spa
OAI Identifier:
oai:repository.eafit.edu.co:10784/12157
Acceso en línea:
http://hdl.handle.net/10784/12157
Palabra clave:
Dynamic Macroeconomics
Forward-looking agents
General equilibrium
Competitive markets
Total factor productivity
Public expenditure multiplier.
Macroeconomía dinámica
Agentes prospectivos
Equilibrio general
mercados competitivos
productividad total de los factores
multiplicador del gasto público.
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License
Acceso abierto
Description
Summary:Teaching Dynamic Macroeconomics at undergraduate courses relies exclusively on intuitive prose and graphics depicting behaviours and steady states of the main markets of the economy. But when the case of forward-looking agents and the macroeconomic implications of their actions are discussed, intuitions and graphical representations offered to students may lead to unsupported conclusions. This happens even if the teacher and students use the chapter upon a dynamic macroeconomic model of one of the most didactic and ordered texts ever published: Williamson (2014). In this paper we try to sustain this assertion.