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The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth.In contrast to the Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life.
Peter Diamond, Dale T. Mortensen, Christopher A. Pissarides, Konstantin Novoselov, Andre Geim, Akira Suzuki, Ei-ichi Negishi, and Richard Heck, Nobel Prize Laureates 2010, at a press conference at the Royal Swedish Academy of Sciences in Stockholm. Diamond was born to a Jewish family in New York City.
Well-known specific theoretical models include short-term models like the Keynesian cross, the IS–LM model and the Mundell–Fleming model, medium-term models like the AD–AS model, building upon a Phillips curve, and long-term growth models like the Solow–Swan model, the Ramsey–Cass–Koopmans model and Peter Diamond's overlapping ...
Macroeconomics, where he popularized the overlapping generations model as a way to analyze economic agents' behavior across multiple periods of time, [30] developed multiplier-accelerator model, [31] analyzed Phillips curve, [32] and contributed to formation of the neoclassical synthesis.
Non-overlapping generations are found in species in which the adult generation dies after one breeding season. If a species for instance can only survive winter in the juvenile state the species will automatically consist of non-overlapping generations. The bee Amegilla dawsoni, an example of a species with non-overlapping generations
Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations are accounted for by real, in contrast to nominal, shocks. [1]
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Microfoundations are an effort to understand macroeconomic phenomena in terms of economic agents' behaviors and their interactions. [1] Research in microfoundations explores the link between macroeconomic and microeconomic principles in order to explore the aggregate relationships in macroeconomic models.