By B.M. Friedman, F.H. Hahn
Because of the basic two-way interplay among the theoretical and the empirical features of economic economics, including the connection of either to issues of public coverage, any association of fabric comprehensively spanning the topic is certain to be arbitrary. The 23 surveys commissioned for this instruction manual were prepared in a manner that the editors suppose displays the most vital logical divisions in the box and jointly they current a entire account of the present state-of-the-art. The guide is an quintessential reference paintings which could be a part of each specialist assortment, and which makes perfect supplementary interpreting for graduate economics scholars on complex classes.
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Additional info for Handbook of Monetary Economics, Vol. 2
0. The adjustment cost function specified in (57) is a non-negative convex function of the rate of net investment. When the rate of net investment is zero, the adjustment cost is 29 assumed to be zero. Now suppose that the price of investment goods, Pt, the real wage rate, wt, and the real interest rate, r,, are constant and consider the steady state in which both the capital stock, K t, and the shadow price of capital, q,, are constant. When the capital stock is constant, I, = h K , , so that it follows from the specification of the adjustment cost function in (57) that the adjustment cost is equal to zero.
I will begin by considering the investment and employment decision of a firm in a deterministic environment without taxes. For analytic tractability and clarity, the model will be set in continuous time. Let K, be the stock of capital at time t, let L, be the amount of labor employed at time t, and let I t be the firm's gross investment at time t. Let Y ( K t, Lt) be the real revenue function of the firm and assume that it is concave. This function embodies the firm's production function and the demand curve it faces.
B . Abel homogeneous perishable good. In equilibrium, aggregate consumption (per capita), c,, will be equal to aggregate income, y,, and hence aggregate consumption would inherit the time-series properties of aggregate income. In this situation, consumption and income would have equal variances so that comparisons of the variances of these series would be uninformative. Also, if the change in income were forecastable, the change in consumption would be forecastable, which violates one of the implications of the permanent income hypothesis.