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Microeconomic foundations for stochastic general equilibrium macro models

In: Macroeconomics for Development

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Abstract

This chapter introduces the basic Ramsey model of consumer behaviour as a microfoundation for aggregate macroeconomic behaviour. Versions of the model with and without discounting are considered. The model is augmented to include production and labour in the production function. Investment is also analysed and short-run dynamics of the model are discussed. Finally, the overlapping generations model is considered the relation between the overlapping generations model and the Ramsey model is explained.

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  • ., 2023. "Microeconomic foundations for stochastic general equilibrium macro models," Chapters, in: Macroeconomics for Development, chapter 7, pages 109-123, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18793_7
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    Keywords

    Development Studies; Economics and Finance;

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