- Williamson, Chapter 2
- Class Slides
- Utility Definitions and Assumptions
- Indifference Curves
- Introduction to Consumption/Leisure Model
- Maximizing Utility in Cons/Leisure Model
- Impact of a Change in Non-Wage Income
- Impact of a Change in Wage
- Income and Substitution Effects
- Introduction to Production Functions
- Shape and Shifts of Production Functions
- Increase in Capital Stock
- Profit Maximizing Labor Demand
- General Equilibrium
- Optimal consumption and leisure decisions of a representative household: Williamson, Chapter 4, pp. 98-117
- Optimal labor demand and production decisions of a representative firm: Williamson, Chapter 4, pp. 122-135
- Class Slides
- Socially optimal allocation of consumption and leisure: Williamson, Chapter 5, pp. 142-150
- Pareto optimality of competitive equilibrium: Williamson, Chapter 5, pp. 150-155
- Optimal responses of the economy to government expenditure and technology shocks, Chapter 5, pp. 155-164
- Solow growth model: Williamson, Chapter 7, pp. 249-255
- Long-run effects from changes to savings, technology, depreciation, labor force growth, Chapter 7, pp. 255-264
- Class Slides (PDF)
- Convergence & divergence in economic development: Williamson, Chapter 8, pp. 281-290
- Endogenous growth with human capital accumulation: Chapter 8, pp. 290-300
- Class Slides
- Intertemporal Budget Constraint
- Graphical Intertemporal Budget Constraint
- Optimal Consumer Behavior
- Increase in Future Income
- Increase in Interest Rates on Borrowers
- Increase in Interest Rates on Savers
- Ricardian Equivalence
- Temporary Increase in Income
- Permanent Increase in Income
- Temporary Increase in Government Expenditures
- Permanent Increase in Government Expenditures
- CConsumption and savings decisions: Williamson, Chapter 9, pp. 306-321
- Effects on decisions from changes in income: Chapter 9, pp. 321-324
- Effects on decisions from changes in interest rates for savers and borrowers: Chapter 9, pp. 327-332
- Ricardian Equivalence: Chapter 9, pp. 337-343
- Class Slides
- Two-period dynamic model - Consumer decisions for consumption, saving, leisure, and labor supply: Williamson, Chapter 11, pp. 379-388
- Two-period dynamic model - Producer decisions for labor demand, investment demand, and production: Chapter 11, pp. 389-397
- Canvas Multiple Choice Quiz
due Wednesday 11:59 PM
Dynamic Framework for Consumer and Producer Decisions
Due Friday 11:59 PM
James Murray, Ph.D.  2106 Wittich Hall
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