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On Time: Lectures on Models of Equilibrium

On Time: Lectures on Models of Equilibrium

Paperback

Series: Churchill Lectures in Economics

Economics

ISBN10: 0521119766
ISBN13: 9780521119764
Publisher: Cambridge
Published: Sep 17 2009
Pages: 136
Weight: 0.40
Height: 0.20 Width: 5.40 Depth: 8.50
Language: English
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.

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