This textbook guides the reader towards various aspects of growth and international trade in a Diamond-type overlapping generations framework. Using the same model type throughout the book, timely topics such as growth with bubbles, debt reduction in rich countries and policies to mitigate climate change are explored. The first part starts from the “old” growth theory and bridges to the “new” growth theory (including R&D and human capital approaches). The second part presents an intertemporal equilibrium theory of inter and intra-sectoral trade and concludes by analyzing the debt mechanics inducing the huge imbalances among eurozone countries. The book is primarily addressed to graduate students wishing to proceed to the analytically more demanding journal literature.
Table of Content
Preface.- 1 Growth and International Trade: Introduction and Stylized Facts.- Part I: Growth.- 2 Modeling the Growth of the World Economy: The Basic Overlapping Generations Model.- 3 Steady State, Factor Income, and Technological Progress.- 4 Economic Growth and Public Debt in the World Economy.- 5 ‘New’ Growth Theory and Knowledge Externalities in Capital Accumulation.- 6 Endogenous Technological Progress and Infinite Economic Growth.- 7 Human Capital, Religion, and Economic Growth.- 8 Economic Growth With Bubbles.- Part II: International Trade.- 9 International Parity Conditions in a Two-Country OLG Model Under Free Trade.- 10 Factor Proportion, Inter-Sectoral Trade, and Product Life Cycle.- 11 Product Differentiation, Decreasing Costs, and Intra-Sectoral Trade.- 12 Globalization, Capital Accumulation, and Terms of Trade.- 13 Innovation, Growth, and Trade in a Two-Country OLG Model.- 14 Real Exchange Rage and Public Debt in a Two-Advanced-Country OLG Model.- 15 Public Debt Reduction in Advanced Countries and Its Impacts on Emerging Countries.- 16 External Balance, Dynamic Efficiency, and Welfare Effects of National Climate Policies.- 17 Nationally and Internationally Optimal Climate Policies.- 18 Modeling the Debt Mechanics of the Euro Zone.- Index
About the author
Univ.-Prof. Dr. Karl Farmer is Vice Dean for students at the Faculty of Business, Economics and Sociology and Head of the department of economics at the University of Graz. His current research addresses the international effects of public debt reduction, climate policy and the euro crisis by means of the Overlapping Generations approach. He is author of many books and articles in established journals as Economic Theory, Economic Modeling, Journal of Economics, Resource and Environmental Economics, International Review of Economics and International Economic Journal among others. Mag. Matthias Schelnast is lecturer for macro, micro, and international economics at the department of economics at the University of Graz. He is writing his doctoral thesis on public debt and optimal debt reduction.
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