1 Economic Modelling Lecture 21 Micro Foundation to Macro.

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Presentation transcript:

1 Economic Modelling Lecture 21 Micro Foundation to Macro

2 General Equilibrium Set-up of Household and Firms Problem

3 (2) (3) (4) (5) (6) First Order Conditions of Household Optimisation

4 Derivation of Labour Supply, Consumption and Leisure Demand Functions (7) (8) (9) (10) (11)

5 (12) (13) (14) (15)

6 Real wage rate, profit and output in Equilibrium (16) (17) (18)

7 Leisure, Labour Supply and consumption in Equilibrium (19) (20) (21)

8 References Auerbach A.J. and L. J. Kotlikoff (1987), Dynamic Fiscal Policy. Cambridge University Press. Bhattarai K (2003) Macroeconomic Impacts of Consumption and Income Taxes: A General Equilibrium Analysis University of Hull. - A Review on Popular Models of Macroeconomic Fluctuations and Economic Growth, University of Hull. Dixon H (1987) A Simple Model of Imperfect Competition with Walrasian Features, Oxford Economic Papers, 39, McKenzie Lionel W. (2002) Classical General Equilibrium Theory, Massachusetts Institute of Technology, Cambridge Massachusetts. Debreu Gerard (1959) Theory of Value: An Axiomatic Analysis of Economic Equilibrium, Yale University Press. Rankin Neil (1992) Imperfect competition, expectations and the multiple effects of monetary growth, the Economic Journal 102: Rutherford T. F. (1995),Extension of GAMS for Complementary Problems Arising in applied Economic Analysis, Journal of Economic Dynamics and Control, 19, Shoven J.B. and J. Whalley (1992) Applying General Equilibrium, Cambridge University Press.