On Time: Lectures on Models of Equilibrium

by Peter A. Diamond

Overview

These two lectures explore how time is modeled in theoretical analyses of individual industries and of the entire economy. The atemporal Marshallian model is contrasted with an explicit time model with uncertainty about costs at the firm level. The book also examines data on job creation and job destruction; price setting behavior in monopolistic competition and costly search models; data on price changes; and both cyclical and seasonal data on the entire economy. With a focus on the command over purchasing power, the Arrow-Debreu and Hicksian ISLM models are compared with a number of explicit time models.

Product Details

ISBN-13:	9780521119764
Publisher:	Cambridge University Press
Publication date:	09/17/2009
Series:	Churchill Lectures in Economics
Pages:	136
Product dimensions:	5.50(w) x 8.40(h) x 0.40(d)

Table of Contents

Preface; Lecture I. Modelling an Industry: 1. Short run and long run; 2. Pricing; Lecture II. Modelling an Economy: 3. Short run and long run; 4. Money, income and credit; References; Index.