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Advanced Macroeconomics Edition 罗默 高级宏观经济学 英文 第四版 高级宏观经济学英文版 pdfpdf 英文版Romer 高级宏观经济学 版罗默高级宏观经济学英文

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An Introduction to the Study of Macroeconomics at an Advanced Level The fourth edition of Romer s Advanced Macroeconomics presents the major theories concerning the central questions of macroeconomics In areas ranging from economic growth and short run fuctuations to the natural rate of unemployment and fscal policy formal models are used to present and analyze key ideas and issues The theoretical analysis is supplemented by examples of relevant empirical work illustrating the ways that theories can be applied and tested The book has been revised more extensively than ever before There are changes throughout to incorporate new research eliminate inessential material and further improve the presentation Key revisions include There are now separate chapters on endogenous growth Chapter 3 and cross country income differences Chapter 4 Chapter 3 includes a careful presentation of Paul Romer s now classic model of endogenous technological change and Chapter 4 takes the reader to the frontiers of empirical research on the underlying sources of the enormous differences in standards of living among countries Chapters 6 and 7 on short run fuctuations when prices are not fully fexible have been completely redone The analysis is grounded in microeconomic foundations from the outset The chapters build from simple models to the canonical three equation new Keynesian model the new Keynesian IS curve the new Keynesian Phillips curve and an interest rate rule and the ingredients of modern dynamic stochastic general equilibrium models of fuctuations The revisions to Chapters 6 and 7 carry over to the analysis of monetary policy in Chapter 11 This chapter has been entirely reorganized and includes a careful treatment of optimal policy in forward looking models An epilogue describes some of the main issues that the fnancial and macroeconomic crisis that began in 2008 raises for macroeconomics and discusses how the crisis may change the feld For more information on resources available to you visit CourseSmart is a new way to fnd and buy eTextbooks At CourseSmart you can save up to 50 off the cost of a print book reduce your impact on the environment and gain access to powerful web tools for learning You can search highlight take notes and print the pages you need Try a free chapter to see if it s right for you Visit www CourseS and search by title author or ISBN AdvAnced mAcroeconomics dAvid romer Fourth Edition AdvAnced mAcroeconomics romer Fourth Edition MD DALIM 1131813 2 9 11 CYAN MAG YELO BLK Romer 1820130rom11374 fm i xxFebruary 17 20118 12i ADVANCED MACROECONOMICS Fourth Edition i Romer 1820130rom11374 fm i xxFebruary 17 20118 12ii The McGraw Hill Series in Economics ESSENTIALS OF ECONOMICS Brue McConnell and Flynn Essentials of Economics Second Edition Mandel Economics The Basics First Edition Schiller Essentials of Economics Eighth Edition PRINCIPLES OF ECONOMICS Colander Economics Microeconomics and Macroeconomics Eighth Edition Frank and Bernanke Principles of Economics Principles of Microeconomics Principles of Macroeconomics Fourth Edition Frank and Bernanke Brief Editions Principles of Economics Principles of Microeconomics Principles of Macroeconomics Second Edition McConnell Brue and Flynn Economics Microeconomics Macroeconomics Nineteenth Edition McConnell Brue and Flynn Brief Editions Microeconomics and Macroeconomics First Edition Miller Principles of Microeconomics First Edition Samuelson and Nordhaus Economics Microeconomics and Macroeconomics Nineteenth Edition Schiller The Economy Today The Micro Economy Today and The Macro Economy Today Twelfth Edition Slavin Economics Microeconomics and Macroeconomics Tenth Edition ECONOMICS OF SOCIAL ISSUES Guell Issues in Economics Today Fifth Edition Sharp Register and Grimes Economics of Social Issues Nineteenth Edition ECONOMETRICS Gujarati and Porter Basic Econometrics Fifth Edition Gujarati and Porter Essentials of Econometrics Fourth Edition MANAGERIAL ECONOMICS Baye Managerial Economics and Business Strategy Eighth Edition Brickley Smith and Zimmerman Managerial Economics and Organizational Architecture Fifth Edition Thomas and Maurice Managerial Economics Tenth Edition INTERMEDIATE ECONOMICS Bernheim and Whinston Microeconomics First Edition Dornbusch Fischer and Startz Macroeconomics Eleventh Edition Frank Microeconomics and Behavior Eighth Edition ADVANCED ECONOMICS Romer Advanced Macroeconomics Fourth Edition MONEY AND BANKING Cecchetti and Schoenholtz Money Banking and Financial Markets Third Edition URBAN ECONOMICS O Sullivan Urban Economics Seventh Edition LABOR ECONOMICS Borjas Labor Economics Fifth Edition McConnell Brue and Macpherson Contemporary Labor Economics Ninth Edition PUBLIC FINANCE Rosen and Gayer Public Finance Ninth Edition Seidman Public Finance First Edition ENVIRONMENTAL ECONOMICS Field and Field Environmental Economics An Introduction Fifth Edition INTERNATIONAL ECONOMICS Appleyard Field and Cobb International Economics Seventh Edition King and King International Economics Globalization and Policy A Reader Fifth Edition Pugel International Economics Fourteenth Edition ii Romer 1820130rom11374 fm i xxFebruary 17 20118 12iii ADVANCED MACROECONOMICS Fourth Edition David Romer University of California Berkeley iii Romer 1820130rom11374 fm i xxFebruary 17 20118 12iv ADVANCED MACROECONOMICS FOURTH EDITION Published by McGraw Hill a business unit of The McGraw Hill Companies Inc 1221 Avenue of the Americas New York NY 10020 Copyright c 2012 by The McGraw Hill Companies Inc All rights reserved Previous editions c 2006 2001 and 1996 No part of this publication may be reproduced or distributed in any form or by any means or stored in a database or retrieval system without the prior written consent of The McGraw Hill Companies Inc including but not limited to in any network or other electronic storage or transmission or broadcast for distance learning Some ancillaries including electronic and print components may not be available to customers outside the United States This book is printed on acid free paper 1 2 3 4 5 6 7 8 9 0 DOC DOC 1 0 9 8 7 6 5 4 3 2 1 ISBN 978 0 07 351137 5 MHID 0 07 351137 4 Vice President this work considers both the effects of policy on the economy and the determinants of policy His other research interests include the foundations of price stick iness empirical evidence on economic growth and asset price volatility He is married to Christina Romer with whom he frequently collaborates They have three children Katherine Paul and Matthew vii Romer 1820130rom11374 fm i xxFebruary 17 20118 12viii viii Romer 1820130rom11374 fm i xxFebruary 17 20118 12ix CONTENTS IN BRIEF Introduction1 Chapter 1THE SOLOW GROWTH MODEL6 Chapter 2INFINITE HORIZON AND OVERLAPPING GENERATIONS MODELS49 Chapter 3ENDOGENOUS GROWTH101 Chapter 4CROSS COUNTRY INCOME DIFFERENCES150 Chapter 5REAL BUSINESS CYCLE THEORY189 Chapter 6NOMINAL RIGIDITY238 Chapter 7DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELS OF FLUCTUATIONS312 Chapter 8CONSUMPTION365 Chapter 9INVESTMENT405 Chapter 10UNEMPLOYMENT456 Chapter 11INFLATION AND MONETARY POLICY513 Chapter 12BUDGET DEFICITS AND FISCAL POLICY584 EpilogueTHE FINANCIAL AND MACROECONOMIC CRISIS OF 2008 AND BEYOND644 References649 Indexes686 ix Romer 1820130rom11374 fm i xxFebruary 17 20118 12x x Romer 1820130rom11374 fm i xxFebruary 17 20118 12xi CONTENTS Preface to the Fourth Editionxix Introduction1 Chapter 1THE SOLOW GROWTH MODEL6 1 1Some Basic Facts about Economic Growth6 1 2Assumptions10 1 3The Dynamics of the Model15 1 4The Impact of a Change in the Saving Rate18 1 5Quantitative Implications23 1 6The Solow Model and the Central Questions of Growth Theory27 1 7Empirical Applications30 1 8The Environment and Economic Growth37 Problems45 Chapter 2INFINITE HORIZON AND OVERLAPPING GENERATIONS MODELS49 Part ATHE RAMSEY CASS KOOPMANS MODEL49 2 1Assumptions49 2 2The Behavior of Households and Firms51 2 3The Dynamics of the Economy57 2 4Welfare63 2 5The Balanced Growth Path64 2 6The Effects of a Fall in the Discount Rate66 2 7The Effects of Government Purchases71 Part BTHE DIAMOND MODEL77 2 8Assumptions77 2 9Household Behavior78 2 10The Dynamics of the Economy81 xi Romer 1820130rom11374 fm i xxFebruary 17 20118 12xii xiiCONTENTS 2 11 The Possibility of Dynamic Ineffi ciency88 2 12Government in the Diamond Model92 Problems93 Chapter 3ENDOGENOUS GROWTH101 3 1Framework and Assumptions102 3 2The Model without Capital104 3 3The General Case111 3 4The Nature of Knowledge and the Determinants of the Allocation of Resources to R for investment it is q theory Chapter 10 turns to the labor market It focuses on the determinants of an economy s natural rate of unemployment The chapter also investigates the impact of fl uctuations in labor demand on real wages and employment The main theories considered are effi ciency wage theories contracting theories and search and matching models The fi nal two chapters are devoted to macroeconomic policy Chapter 11 investigates monetary policy and infl ation It starts by explaining the central Romer 1820130bookFebruary 15 20118 413 INTRODUCTION3 role of money growth in causing infl ation and by investigating the effects of money growth It then considers optimal monetary policy This analysis begins with the microeconomic foundations of the appropriate objective for policy proceeds to the analysis of optimal policy in backward looking and forward looking models and concludes with a discussion of a range of issues in the conduct of policy The fi nal sections of the chapter examine how excessive infl ation can arise either from a short run output infl ation tradeoff or from governments need for revenue from money creation Chapter 12 is concerned with fi scal policy and budget defi cits The fi rst part of the chapter describes the government s budget constraint and investigates two baseline views of defi cits Ricardian equivalence and tax smoothing Most of the remainder of the chapter investigates theories of the sources of defi cits In doing so it provides an introduction to the use of economic tools to study politics Finally a brief epilogue discusses the macroeconomic and fi nancial crisis that began in 2007 and worsened dramatically in the fall of 2008 The focus is on the major issues that the crisis is likely to raise for the fi eld of macroeconomics 1 Macroeconomics is both a theoretical and an empirical subject Because of this the presentation of the theories is supplemented with examples of relevant empirical work Even more so than with the theoretical sections the purpose of the empirical material is not to provide a survey of the literature nor is it to teach econometric techniques Instead the goal is to illustrate some of the ways that macroeconomic theories can be applied and tested The presentation of this material is for the most part fairly intuitive and presumes no more knowledge of econometrics than a general familiarity with regressions In a few places where it can be done naturally the empir ical material includes discussions of the ideas underlying more advanced econometric techniques Each chapter concludes with a set of problems The problems range from relatively straightforward variations on the ideas in the text to extensions that tackle important issues The problems thus serve both as a way for readers to strengthen their understanding of the material and as a compact way of presenting signifi cant extensions of the ideas in the text The fact that the book is an advanced introduction to macroeconomics has two main consequences The fi rst is that the book uses a series of for mal models to present and analyze the theories Models identify particular 1 The chapters are largely independent The growth and fl uctuations sections are almost entirely self contained although Chapter 5 builds moderately on Part A of Chapter 2 There is also considerable independence among the chapters in each section Chapters 2 3 and 4 can be covered in any order and models of price stickiness Chapters 6 and 7 can be covered either before or after real business cycle theory Chapter 5 Finally the last fi ve chapters are largely self contained The main exception is that Chapter 11 on monetary policy builds on the analysis of models of fl uctuations in Chapter 7 In addition Chapter 8 relies moderately on Chapter 2 and Chapter 10 relies moderately on Chapter 6 Romer 1820130bookFebruary 15 20118 414 4INTRODUCTION features of reality and study their consequences in isolation They thereby allow us to see clearly how different elements of the economy interact and what their implications are As a result they provide a rigorous way of investigating whether a proposed theory can answer a particular question and whether it generates additional predictions The book contains literally dozens of models The main reason for this multiplicity is that we are interested in many issues Features of the econ omy that are crucial to one issue may be unimportant to others Money for example is almost surely central to infl ation but not to long run growth In corporating money into models of growth would only obscure the analysis Thus instead of trying to build a single model to analyze all the issues we are interested in the book develops a series of models An additional reason for the multiplicity of models is that there is consid erable disagreement about the answers to many of the questions we will be examining When there is disagreement the book presents the leading views and discusses their strengths and weaknesses Because different theories emphasize different features of the economy again it is more enlightening to investigate distinct models than to build one model incorporating all the features emphasized by the different views The second consequence of the book s advanced level is that it presumes some background in mathematics and economics Mathematics provides compact ways of expressing ideas and powerful tools for analyzing them The models are therefore mainly presented and analyzed mathematically The key mathematical requirements are a thorough understanding of single variable calculus and an introductory knowledge of multivariable calculus Toolssuchasfunctions logarithms derivativesandpartialderivatives max imization subject to constraint and Taylor series approximations are used relatively freely Knowledge of the basic ideas of probability random vari ables means variances covariances and independence is also assumed No mathematical background beyond this level is needed More advanced tools such as simple differential equations the calculus of variations and dynamic programming are used sparingly and they are explained as they are used Indeed since mathematical techniques are essential to further study and research in macroeconomics models are sometimes analyzed in greater detail than is otherwise needed in order to illustrate the use of a particular method In terms of economics the book assumes an understanding of microeco nomics through the intermediate level Familiarity with such ideas as profi t maximization and utility maximization supply and demand equilibrium effi ciency and the welfare properties of competitive equilibria is presumed Little background in macroeconomics itself is absolutely necessary Read ers with no prior exposure to macroeconomics however are likely to fi nd some of the concepts and terminology diffi cult and to fi nd that the pace is rapid These readers may wish to review an intermediate macroeconomics Romer 1820130bookFebruary 15 20118 415 INTRODUCTION5 text before beginning the book or to study such a book in conjunction with this one The book was designed for fi rst year graduate courses in macroeco nomics But it can be used either on its own or in conjunction with an intermediate text for students with strong backgrounds in mathematics and economics in professional schools and advanced undergraduate pro grams It can also provide a tour of the fi eld for economists and others working in areas outside macroeconomics Romer 1820130bookFebruary 15 20119 246 Chapter1 THE SOLOW GROWTH MODEL 1 1Some Basic Facts about Economic Growth Over the past few centuries standards of living in industrialized countries have reached levels almost unimaginable to our ancestors Although com parisons are diffi cult the best available evidence suggests that average real incomes today in the United States and Western Europe are between 10 and 30 times larger than a century ago and between 50 and 300 times larger than two centuries ago 1 Moreover worldwide growth is far from constant Growth has been rising over most of modern history Average growth rates in the industrialized countries were higher in the twentieth century than in the nineteenth and higher in the nineteenth than in the eighteenth Further average incomes on the eve of the Industrial Revolution even in the wealthiest countries were not dramatically above subsistence levels this tells us that average growth over the millennia before the Industrial Revolution must have been very very low One important exception to this general pattern of increasing growth is the productivity growth slowdown Average annual growth in output per person in the United States and other industrialized countries from the early 1970s to the mid 1990s was about a percentage point below its earlier level The data since then suggest a rebound in productivity growth at least in the United States How long the rebound will last and how widespread it will be are not yet clear 1 Maddison 2006 reports and discusses basic data on average real incomes over modern history Most of the uncertainty about the extent of long term growth concerns the behav ior not of nominal income but of the price indexes needed to convert those fi gures into estimates of real income Adjusting for quality changes and for the introduction of new goods is conceptually and practically diffi cult and conventional price indexes do not make these adjustments well See Nordhaus 1997 and Boskin Dulberger Gordon Griliches and Jorgenson 1998 for discussions of the issues involved and analyses of the biases in con ventional price indexes 6 Romer 1820130bookFebruary 15 20119 247 1 1Some Basic Facts about Economic Growth7 There are also enormous differences in standards of living across parts of the world Average real incomes in such countries as the United States Germany and Japan appear to exceed those in such countries as Bangladesh and Kenya by a factor of about 20 2As with worldwide growth cross country income differences are not immutable Growth in individual countries often differs considerably from average worldwide growth that is there are often large changes in countries relative incomes The most striking examples of large changes in relative incomes are growth miracles and growth disasters Growth miracles are episodes where growth in a country far exceeds the world average over an extended period with the result that the country moves rapidly up the world income distri bution Some prominent growth miracles are Japan from the end of World War II to around 1990 the newly industrializing countries NICs of East Asia South Korea Taiwan Singapore and Hong Kong starting around 1960 and China starting around 1980 Average incomes in the NICs for example have grown at an average annual rate of over 5 percent since 1960 As a result their average incomes relative to that of the United States have more than tripled Growth disasters are episodes where a country s growth falls far short of the world average Two very different examples of growth disasters are Argentina and many of the countries of sub Saharan Africa In 1900 Argentina s average income was only slightly behind those of the world s leaders and it appeared poised to become a major industrialized country But its growth performance since then has been dismal and it is now near the middle of the world income distribution Sub Saharan African countries such as Chad Ghana and Moza

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