Рет қаралды 206
Overview:
• Characterizing decentralized market equilibrium
• Identifying the model’s deterministic steady state
• Log-linearizing the model around the steady state
• Solution methods: 1) matrix eigenvalue-eigenvector decomposition
2) undetermined coefficients (MUC)
• Critique of the RBC model and modeling legacy of RBC approach
• Outlook: New Keynesian models
by Prof. Burda
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