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1、ADVANCED MACROECONOMICSFifth EditionThe McGraw-Hill Series EconomicsESSENTIALS OF ECONOMICSSchillerBrue, McConnell, and FlynnThe Economy Today, TheEssentials of EconomicsMicro Economy Today, andFourth EditionThe Macro Economy TodayFifteenth EditionMandelSlavinEconomics: The BasicsEconomics, Microeco
2、nomics,Third Editionand MacroeconomicsSchillerEleventh EditionEssentials of EconomicsTenth EditionECONOMICS OF SOCIALPRINCIPLES OF ECONOMICSISSUESGuellAsarta and ButtersIssues in Economics TodayPrinciples of Economics,Eighth EditionPrinciples ofRegister and GrimesMicroeconomics, PrinciplesEconomics
3、of Social Issuesof MacroeconomicsTwenty-First EditionSecond EditionColanderECONOMETRICS AND DATAEconomics, Microeconomics,ANALYTICSand MacroeconomicsGujarati and PorterTenth EditionBasic EconometricsFrank, Bernanke, Antonovics,Fifth Editionand HeffetzGujarati and PorterPrinciples of Economics,Essent
4、ials of EconometricsPrinciples ofFourth EditionMicroeconomics, PrinciplesHilmer and Hilmerof MacroeconomicsPractical EconometricsSeventh EditionFirst EditionFrank, Bernanke, Antonovics,Princeand HeffetzPredictive Analytics forStreamlined Editions:Business StrategyPrinciples of Economics,First Editio
5、nPrinciples ofMicroeconomics, PrinciplesMANAGERIAL ECONOMICSof MacroeconomicsBaye and PrinceThird EditionKarlan and MorduchManagerial Economics andBusiness StrategyEconomics, Microeconomics,Ninth Editionand MacroeconomicsBrickley, Smith, andSecond EditionZimmermanMcConnell, Brue, and FlynnManagerial
6、 EconomicsEconomics, Microeconomics,and OrganizationalMacroeconomicsArchitectureTwenty-First EditionSixth EditionMcConnell, Brue, and FlynnThomas and MauriceBrief Editions:Managerial EconomicsMicroeconomics andTwelfth EditionMacroeconomicsSecond EditionINTERMEDIATESamuelson and NordhausECONOMICSEcon
7、omics, Microeconomics,Bernheim and Whinstonand MacroeconomicsMicroeconomicsNineteenth EditionSecond EditionDornbusch, Fischer, and Startz Macroeconomics Twelfth EditionFrankMicroeconomics and BehaviorNinth EditionADVANCED ECONOMICSRomerAdvanced Macroeconomics Fifth EditionMONEY AND BANKINGCecchetti
8、and SchoenholtzMoney, Banking, and Financial Markets Fifth EditionURBAN ECONOMICSOSullivanUrban Economics Ninth EditionLABOR ECONOMICSBorjasLabor Economics Seventh EditionMcConnell, Brue, and Macpherson Contemporary Labor Economics Eleventh EditionPUBLIC FINANCERosen and GayerPublic FinanceTenth Edi
9、tionENVIRONMENTAL ECONOMICSField and FieldEnvironmentalEconomics: AnIntroductionSeventh EditionINTERNATIONAL ECONOMICSAppleyard, Field International Economics Ninth EditionPugelInternational EconomicsSixteenth EditionADVANCED MACROECONOMICSFifth EditionDavid RomerUniversity of California, BerkeleyAD
10、VANCED MACROECONOMICS, FIFTH EDITIONPublished by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright c 2019 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions c 2012, 2006, and 2001. No part of this publication may be reproduced o
11、r distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.Some ancillaries, includin
12、g electronic and print components, may not be available to customers outside the United States.This book is printed on acid-free paper.1 2 3 4 5 6 7 8 9 LCR 21 20 19 18ISBN 978-1-260-18521-8MHID 1-260-18521-4Portfolio Manager: Katie HoenickeProduct Developer: Kevin WhiteMarketing Manager: Virgil Llo
13、ydContent Project Manager: Melissa M. Leick & Karen JozefowiczBuyer: Susan K. CulbertsonDesign: Melissa M. LeickContent Licensing Specialist: Beth TholeCompositor: MPS LimitedAll credits appearing on page or at the end of the book are considered to be an extension of the copyright page.Library of Co
14、ngress Cataloging-in-Publication DataNames: Romer, David.Title: Advanced macroeconomics / David Romer, University of California, Berkeley.Description: Fifth Edition. | Dubuque : McGraw-Hill Education, c 2019 | Series: The McGraw-Hill series in economics | Revised edition of the authors Advanced macr
15、oeconomics, c2012.Identifiers: LCCN 2017029328 | ISBN 9781260185218 (alk. paper)Subjects: LCSH: Macroeconomics.Classification: LCC HB172.5 .R66 2017 | DDC 339 dc23 LC record available at https:/lccn.loc.gov/2017029328The Internet addresses listed in the text were accurate at the time of publication.
16、 The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.To ChristyThis page intentionally left blankABOUT THE AUTHORDavid Romer is the Royer Professor i
17、n Political Economy at the Univer-sity of California, Berkeley, where he has been on the faculty since 1988. He is also co-director of the program in Monetary Economics at the National Bureau of Economic Research. He received his A.B. from Princeton Univer-sity and his Ph.D. from the Massachusetts I
18、nstitute of Technology. He has been a fellow of the American Academy of Arts and Sciences since 2006. At Berkeley, he is a three-time recipient of the Graduate Economic Associ-ations distinguished teaching and advising awards; he received Berkeleys Social Sciences Distinguished Teaching Award in 201
19、3 2014. Much of his research focuses on monetary and fiscal policy; this work considers both the effects of policy on the economy and the determinants of policy. His other research interests include the foundations of price stickiness, empirical evi-dence on economic growth, and asset-price volatili
20、ty. His most recent work is concerned with financial crises. He is married to Christina Romer, with whom he frequently collaborates. They have three children, Katherine, Paul, and Matthew.This page intentionally left blankCONTENTS IN BRIEFIntroduction1Chapter 1THE SOLOW GROWTH MODEL6Chapter 2INFINIT
21、E-HORIZON AND OVERLAPPING-GENERATIONS MODELS50Chapter 3ENDOGENOUS GROWTH99Chapter 4CROSS-COUNTRY INCOMEDIFFERENCES149Chapter 5REAL-BUSINESS-CYCLE THEORY188Chapter 6NOMINAL RIGIDITY238Chapter 7DYNAMIC STOCHASTIC GENERAL-EQUILIBRIUM MODELS OFFLUCTUATIONS309Chapter 8CONSUMPTION368Chapter 9INVESTMENT420
22、Chapter 10FINANCIAL MARKETS AND FINANCIALCRISES458Chapter 11UNEMPLOYMENT520Chapter 12MONETARY POLICY578Chapter 13BUDGET DEFICITS AND FISCAL POLICY660References715Indexes752ixThis page intentionally left blankCONTENTSPreface to the Fifth EditionxviiIntroduction1Chapter 1THE SOLOW GROWTH MODEL61.1Some
23、 Basic Facts about Economic Growth61.2Assumptions101.3The Dynamics of the Model151.4The Impact of a Change in the Saving Rate181.5Quantitative Implications241.6The Solow Model and the Central Questions ofGrowth Theory281.7Empirical Applications301.8The Environment and Economic Growth37Problems45Chap
24、ter 2 INFINITE-HORIZON AND OVERLAPPING-GENERATIONS MODELS50Part ATHE RAMSEYCASSKOOPMANS MODEL502.1Assumptions502.2The Behavior of Households and Firms532.3The Dynamics of the Economy592.4Welfare652.5The Balanced Growth Path662.6The Effects of a Fall in the Discount Rate672.7The Effects of Government
25、 Purchases72Part B THE DIAMOND MODEL762.8Assumptions762.9Household Behavior782.10The Dynamics of the Economy802.11The Possibility of Dynamic Inefficiency872.12Government in the Diamond Model90Problems91xiCONTENTSChapter 3ENDOGENOUS GROWTH993.1Framework and Assumptions1003.2The Model without Capital1
26、023.3The General Case1093.4The Nature of Knowledge and the Determinants of theAllocation of Resources to R&D1143.5The Romer Model1213.6Empirical Application: Time-Series Tests of EndogenousGrowth Models1323.7Empirical Application: Population Growth andTechnological Change since 1 Million B.C.1373.8M
27、odels of Knowledge Accumulation and the CentralQuestions of Growth Theory142Problems144Chapter 4 CROSS-COUNTRY INCOMEDIFFERENCES1494.1Extending the Solow Model to Include Human Capital1504.2Empirical Application: Accounting for Cross-CountryIncome Differences1554.3Social Infrastructure1624.4Empirica
28、l Application: Social Infrastructure andCross-Country Income Differences1644.5Beyond Social Infrastructure1694.6Differences in Growth Rates178Problems183Chapter 5REAL-BUSINESS-CYCLE THEORY1885.1Introduction: An Overview of Economic Fluctuations1885.2An Overview of Business-Cycle Research1935.3A Base
29、line Real-Business-Cycle Model1955.4Household Behavior1975.5A Special Case of the Model2015.6Solving the Model in the General Case2075.7Implications2115.8Empirical Application: Calibrating a Real-Business-Cycle Model2175.9Empirical Application: Money and Output2205.10Assessing the Baseline Real-Busi
30、ness-Cycle Model227Problems233Chapter 6NOMINAL RIGIDITY238Part A EXOGENOUS NOMINAL RIGIDITY2396.1A Baseline Case: Fixed Prices239CONTENTSxiii6.2Price Rigidity, Wage Rigidity, and Departures from PerfectCompetition in the Goods and Labor Markets2446.3Empirical Application: The Cyclical Behavior of th
31、e RealWage2536.4Toward a Usable Model with Exogenous Nominal Rigidity255Part B MICROECONOMIC FOUNDATIONS OFINCOMPLETE NOMINAL ADJUSTMENT2686.5A Model of Imperfect Competition and Price-Setting2696.6Are Small Frictions Enough?2766.7Real Rigidity2796.8Coordination-Failure Models and Real Non-Walrasian
32、Theories2866.9The Lucas Imperfect-Information Model293Problems303Chapter 7 DYNAMIC STOCHASTIC GENERAL-EQUILIBRIUM MODELS OFFLUCTUATIONS3097.1Building Blocks of Dynamic New Keynesian Models3127.2Predetermined Prices: The Fischer Model3167.3Fixed Prices: The Taylor Model3207.4The Calvo Model and the N
33、ew Keynesian Phillips Curve3267.5State-Dependent Pricing3297.6Empirical Applications3357.7Models of Staggered Price Adjustment with Inflation Inertia3417.8The Canonical New Keynesian Model3507.9The Forward Guidance Puzzle3547.10Other Elements of Modern New Keynesian DSGE Modelsof Fluctuations360Prob
34、lems365Chapter 8CONSUMPTION3688.1Consumption under Certainty: The Permanent-IncomeHypothesis3698.2Consumption under Uncertainty: The Random-WalkHypothesis3768.3Empirical Application: Two Tests of the Random-WalkHypothesis3798.4The Interest Rate and Saving3858.5Consumption and Risky Assets3898.6Beyon
35、d the Permanent-Income Hypothesis3988.7A Dynamic-Programming Analysis of Precautionary Saving407Problems413CONTENTSChapter 9INVESTMENT4209.1Investment and the Cost of Capital4219.2A Model of Investment with Adjustment Costs4249.3Tobins q4299.4Analyzing the Model4319.5Implications4359.6Empirical Appl
36、ication: q and Investment4419.7The Effects of Uncertainty4449.8Kinked and Fixed Adjustment Costs449Problems453Chapter 10 FINANCIAL MARKETS ANDFINANCIAL CRISES45810.1A Model of Perfect Financial Markets46010.2Agency Costs and the Financial Accelerator46310.3Empirical Application: Cash Flow and Invest
37、ment47510.4Mispricing and Excess Volatility47910.5Empirical Application: Evidence on Excess Volatility48810.6The DiamondDybvig Model49110.7Contagion and Financial Crises50110.8Empirical Application: Microeconomic Evidence on theMacroeconomic Effects of Financial Crises508Problems514Chapter 11UNEMPLO
38、YMENT52011.1A Generic Efficiency-Wage Model52311.2The Shapiro-Stiglitz Model53211.3Contracting Models54311.4Search and Matching Models55011.5Implications55811.6Empirical Applications564Problems572Chapter 12MONETARY POLICY57812.1Inflation, Money Growth, and Interest Rates57912.2Monetary Policy and th
39、e Term Structure of InterestRates58312.3The Microeconomic Foundations of Stabilization Policy58812.4Optimal Monetary Policy in a Simple Backward-LookingModel59612.5Optimal Monetary Policy in a Simple Forward-LookingModel60212.6Some Additional Issues Concerning Interest-Rate Rules607CONTENTSxv12.7The
40、 Zero Lower Bound on the Nominal Interest Rate61512.8The Dynamic Inconsistency of Low-InflationMonetary Policy63012.9Empirical Applications63712.10Seignorage and Inflation642Problems652Chapter 13 BUDGET DEFICITS AND FISCAL POLICY66013.1The Government Budget Constraint66213.2Ricardian Equivalence6691
41、3.3Tax-Smoothing67313.4Political-Economy Theories of Budget Deficits67813.5Strategic Debt Accumulation68113.6Delayed Stabilization69113.7Empirical Application: Politics and Deficits inIndustrialized Countries69613.8The Costs of Deficits70013.9A Model of Sovereign Debt Crises704Problems710References7
42、15Author Index752Subject Index761EMPIRICAL APPLICATIONSSection 1.7Growth Accounting30Convergence33Section 3.6Time-Series Tests of Endogenous Growth Models132Section 3.7Population Growth and Technological Change since1 Million B.C.137Section 4.2Accounting for Cross-Country Income Differences155Sectio
43、n 4.4Social Infrastructure and Cross-Country IncomeDifferences164Section 4.5Geography, Colonialism, and Economic Development174Section 5.8Calibrating a Real-Business-Cycle Model217Section 5.9Money and Output220Section 6.3The Cyclical Behavior of the Real Wage253Section 6.8Experimental Evidence on Coordination-Failure Games289Section 7.6Mic