Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second edition emphasizes the general. Michael Wickens. ePub | *DOC | audiobook | ebooks | Download PDF. Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook. MACROECONOMIC THEORY – A DYNAMIC GENERAL EQUILIBRIUM APPROACH, M.R. Wickens, Princeton University Press, Princeton.

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The last subsection examines the overall structure of the model.

If only the disposable income terms are rejected empirically, the specification would be consistent with more general Euler-equation approaches, which predict that, in the absence of new information, consumption grows from period to period at a rate that depends on the rate of interest see Rossi and Giovannini Finally, the coefficient of the lagged disposable income term can also provide a test for the Blanchard hypothesis of finite horizons for private agents.

Disposable income and consumer expenditure are linked to the net change in consumer wealth by the private sector budget constraint: where Mt denotes the money supply in period t. Disposable income is thus allocated to consumption, investment, and net changes in financial assets. Investment is specified as a function of fairly standard variables—that is, the real interest rate, real output, and the beginning-of-period capital stock.

This transformation eliminates the capital stock, a variable for which no developing country data are available. The export equation may therefore be expressed as follows: 6 Real imports are related negatively to the real exchange rate and positively to real domestic output. This specification is conventional. Furthermore, since restricted foreign exchange availability frequently leads to the imposition of import controls and foreign exchange rationing, which act as a constraint on imports in developing countries, the reserve-import ratio lagged one period is often included in this regression see Khan and Knight The import equation can therefore be written as where Rt, is the foreign exchange value of international reserves.

As with the investment function, estimation of the supply side of the model is hampered by the shortage of data on aggregate capital stock for developing countries. The following procedure was therefore adopted. Thus, the empirical production function becomes The degree of wage-price flexibility in developing countries is an unsettled issue.

The present model is estimated on the assumption of complete wage-price flexibility. Money Market The supply of money M in the economy consists of reserves and domestic credit, with the latter denoted as DC: Whereas reserves are determined endogenously by the balance of payments see below , domestic credit, both to the private sector DCp, t and to the public sector DCG, t , is determined by policy: The demand for money is, as usual, taken to be related negatively to the nominal rate of interest and positively to the level of income, with a partial adjustment mechanism introduced to capture lagged responses: The lagged term in Y allows for different speeds of adjustment of the demand for money to changes in interest rates and income.

If capital is perfectly mobile, as is frequently assumed in models of small open economies, nominal interest rates are determined by the interest parity condition that equates the domestic nominal interest rate to the sum of the nominal rate prevailing abroad and the expected change in the value of the domestic currency uncovered interest parity.

In a completely closed economy, nominal interest rates have no relationship to external rates and are determined purely in domestic markets. In these intermediate cases the equilibrium interest rate is determined by a combination of domestic and external factors.

The interest rate that would prevail in an economy with a closed capital account that is, one with no private capital flows , i t can be determined by equating the money supply that would be observed in this case to the demand for money. Given M t, from equation 15 and the supply of credit DCt, equation 13 determines foreign exchange reserves Rt.

The authorities could choose to administer this system in a number of ways. The role of equation 16 would then be as in the previous case. We will assume instead that the system is run somewhat less flexibly. The domestic interest rate i, will respond to factors affecting both the uncovered parity and the shadow interest rate. The real interest rate enters the model in both the consumption and investment functions.

It is given by that is, the real interest rate is the nominal interest rate minus the expected rate of inflation. The public sector acquires assets in external markets FG, t as well as from the domestic banking sector DG, t 10 For its revenues it relies on tax receipts, Tt, and on interest on its foreign asset holdings.

Expenditures Gt consist of purchases of domestic goods for consumption purposes and interest payments on domestic debt. Combining these elements, the government budget constraint can be written as Overall Structure of the Model The model that emerges from this specification is essentially a flexible-price dynamic variant of the traditional Mundell-Fleming model with specific developing country features.

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