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1、MacroeconomicTheoryDirkKrueger1DepartmentofEconomicsUniversityofPennsylvaniaSeptember12,20121IamgratefultomyteachersinMinnesota,V.VChari,TimothyKehoeandEd-wardPrescott,myex-colleaguesatStanford,RobertHall,BeatrixPaalandTomSargent,mycolleaguesatUPennHalCole,Jerem
2、yGreenwood,RandyWrightandIouriiManovskiandmyco-authorsJuanCarlosConesa,JesusFernandez-Villaverde,FelixKublerandFabrizioPerriaswellasVictorRios-Rullforhelpingmetolearnmodernmacroeconomictheory.ThesenotesweretriedoutonnumerousstudentsatStanford,UPenn,FrankfurtandM
3、annheim,whosemanyusefulcommentsIappreci-ate.KaijiChenandAntonioDoblas-Madridprovidedmanyimportantcorrectionstothesenotes.iiContents1OverviewandSummary12ASimpleDynamicEconomy52.1GeneralPrinciplesforSpecifyingaModel.............52.2AnExampleEconomy................
4、........62.2.1De…nitionofCompetitiveEquilibrium...........82.2.2SolvingfortheEquilibrium.................92.2.3ParetoOptimalityandtheFirstWelfareTheorem....112.2.4Negishi’s(1960)MethodtoComputeEquilibria......142.2.5SequentialMarketsEquilibrium...............182
5、.3Appendix:SomeFactsaboutUtilityFunctions..........242.3.1TimeSeparability......................242.3.2TimeDiscounting......................242.3.3StandardPropertiesofthePeriodUtilityFunction....252.3.4ConstantRelativeRiskAversion(CRRA)Utility.....252.3.5Homothe
6、ticityandBalancedGrowth............283TheNeoclassicalGrowthModelinDiscreteTime313.1SetupoftheModel..........................313.2OptimalGrowth:ParetoOptimalAllocations...........323.2.1SocialPlannerProbleminSequentialFormulation....333.2.2RecursiveFormulationofS
7、ocialPlannerProblem.....353.2.3AnExample.........................373.2.4TheEulerEquationApproachandTransversalityCondi-tions..............................443.2.5SteadyStatesandtheModi…edGoldenRule.......523.2.6ARemarkAboutBalancedGrowth............533.3Competiti
8、veEquilibriumGrowth..................553.3.1De…nitionofCompetitiveEquilibrium...........563.3.2CharacterizationoftheCompetitiveEquilibriumandtheWelfareTheorems.......
