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Das Lehrbuch behandelt die dynamische makrökonomische Theorie im geschlossenen Modellrahmen des Ramsey-Modells. Mit der Wachstums-, Konjunktur- und Geldtheorie werden die Hauptgebiete der Makroökonomik behandelt. Zusätzlich werden aber auch Verteilungsaspekte berücksichtigt. Exemplarisch wird gezeigt, wie sich die dynamische makrökonomische Theorie zur quantitativen Analyse wirtschaftspolitischer Fragestellungen und auch zur Untersuchung der Verteilungswirkungen wirtschaftspolitischer Maßnahmen nutzen lässt. Das Buch gibt einen Einblick in die Methoden, die in der dynamischen Makroökonomik zur Anwendung kommen und bietet damit die Grundlage für eine vertiefende Auseinandersetzung mit den einzelnen Themengebieten. Der Inhalt: Allgemeines Gleichgewicht - Intertemporale Konsumnachfrage - Ramsey-Modell - Erweiterungen des Ramsey-Modells - Wachstum - Konjunkturelle Schwankungen - Geld und Inflation im Ramsey-Modell - Das Neukeynesianische Modell. Der Autor Professor Dr. Maik Heinemann hat den Lehrstuhl für Wachstum, Integration und nachhaltige Entwicklung an der Universität Potsdam inne

The paper examines the welfare properties of rational learning by privately informed risk‐neutral firms. It is shown that the market solution is inefficient, with firms putting too much weight on their private information and public information therefore accumulating suboptimally slowly. It might even be the case that more private information is harmful to welfare — a result that it is impossible if private information is used efficiently. Moreover, it is shown that distortionary taxation of the firms' revenues might help to overcome the underlying information externality problem. All in all, therefore, the results qualify other results obtained in the literature.

A two-sector incomplete markets model with heterogeneous agents can be used to study the distributional effects of the COVID-19 lockdown. While negative aggregate welfare effects of the lockdown are unavoidable, the size of aggregate welfare effects as well as the distribution of the welfare effects across agents turn out to depend on the specific economic environment of the affected economy as well as the response of the government to the shock. We use the model to simulate the lockdown effects based on a calibration to German data. First, we find that without state aid and limited access to international financial markets especially poor household suffer large welfare losses, while wealthy house- hold could even benefit from the lockdown. Second, a state aid program reduces large parts of the welfare losses of workers across all income groups in the affected sectors by forcing loss sharing with agents working in the non-affected sector. However, wealthy households no matter in which sector still benefit more than the average household. Third, access to international financial markets is key to shift relative welfare gains from superrich to poorer households in both sectors. Once the country is able to borrow internationally, the benefit for superrich diminishes. Our results implicate that countries with rather limited access to financial markets and less stable government budget positions will suffer higher welfare losses and increases in inequality.