By David Romer
David Romer’s complicated Macroeconomics, 4e, keeps its culture because the commonplace textual content and the place to begin for graduate macroeconomic classes and is helping lay the foundation for college students to start doing examine in macroeconomics and fiscal economics. Formal versions are used to offer and research key rules and matters. The theoretical research is supplemented through examples of correct empirical paintings, illustrating the ways in which theories might be utilized and established. This well-respected and recognized textual content is exclusive on the market.
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Additional info for Advanced Macroeconomics, 4th edition (The Mcgraw-Hill Series in Economics)
This value of k ∗ is known as the golden-rule level of the capital stock. We will discuss the golden-rule capital stock further in Chapter 2. Among the questions we will address are whether the golden-rule capital stock is in fact desirable and whether there are situations in which a decentralized economy with endogenous saving converges to that capital stock. Of course, in the Solow model, where saving is exogenous, there is no more reason to expect the capital stock on the balanced growth path to equal the goldenrule level than there is to expect it to equal any other possible value.
14 Chapter 1 THE SOLOW GROWTH MODEL The growth rate of a variable refers to its proportional rate of change. That is, the growth rate of X refers to the quantity X˙(t )/X(t ). 9) implies that A’s growth rate is constant and equal to g. A key fact about growth rates is that the growth rate of a variable equals the rate of change of its natural log. That is, X˙(t )/X(t ) equals d ln X(t )/dt. To see this, note that since ln X is a function of X and X is a function of t, we can use the chain rule to write d ln X(t ) dt = d ln X(t ) dX(t ) dX(t ) dt 1 ˙ X (t ).
If capital’s share is roughly one-third, (1 − αK )(n + g + δ) is thus roughly 4 percent. 11. The time it takes for a variable (in this case, y − y ∗ ) with a constant negative growth rate to fall in half is approximately equal to 70 divided by its growth rate in percent. ) Thus in this case the half-life is roughly 70/(4%/year), or about 17 years. 5, where λ is the rate of decrease. 69/λ. 5% above after 17 years; and asymptotically approaches 5 percent above the previous path. 6 The Solow Model and the Central Questions of Growth Theory The Solow model identiﬁes two possible sources of variation—either over time or across parts of the world—in output per worker: differences in capital per worker (K /L) and differences in the effectiveness of labor (A).