Empiryczne modele równowagi ogólnej: gospodarstwa domowe i producent finalny

• Authors: Renata Wróbel-Rotter

Title variants

EN

Empirical General Equilibrium Models: Households and Final Producer

• Languages of publication: PL

Abstracts

EN

The paper is the first of three parts that present methods for building a dynamic general equilibrium model. The presentation includes details of micro-economic optimisation problems, ways of solving them and techniques for deriving first order conditions. The representative household maximises the expected, discounted sum of utilities that are a function of consumption and labour. The solution to the problem leads to the Euler equation, which links output to the interest rate and inflation. Other optimality conditions set optimally the consumption/labour ratio and the consumption allocation over time. The second part of the paper examines the profit maximisation of the final producer of a good that is needed to obtain demand functions for the intermediate goods, which are treated as exogenous by intermediate producers. All derived equations appear in the standard New-Keynesian model.

Keywords

EN

dynamic stochastic general equilibrium models; microeconomic optimisation; first order conditions; Euler equation

• Publisher: Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie
• Journal: Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
• Year: 2011
• Issue: 869
• Pages: 109-128

Contributors

author

Renata Wróbel-Rotter

• Uniwersytet Ekonomiczny w Krakowie, Katedra Ekonometrii i Badań Operacyjnych, ul. Rakowicka 27, 31-510 Kraków, Poland

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