Romer's Advanced Macroeconomics Solutions PDF

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It is a pity that that interesting line of investigation seems to have been abandoned in the further course of the project's labor. The concept of "overproduction of physical capital," handled by Professor Forrester, can never be absolute in a capitalist economy. It is always "overproduction" in relation to potential sales at an expected rate of profit. The Dutch economist Dr. Van Duijn also made a recent detailed investigation into the long waves problem. He tried to combine Schumpeter's innovation theory with Forrester's concept of demand overshooting for fixed capital goods and added the product life-cycle as a third element of explanation.

But money is, in its turn, structured into national currencies. The drive to constantly expand capital accumulation, to constantly increase surplus value realization, combined with the minor (but by no means unimportant) need to economize the use of the special commodity that serves as universal equivalent (gold, or gold and silver, or tomorrow perhaps gold and diamonds), has led to a situation in which gold alone cannot fulfill its role as world money, at least not on a permanent basis. " Even when many paper currencies are tied to gold and the gold standard operates among many countries (final surpluses and deficits in the balance of payments are settled by movements of gold between central banks), current international 52 INFLATION AND THE END OF THE POSTWAR BOOM financial operations are conducted mostly in one or a few national paper currencies.

One could even argue that the decline in the rate of exchange of the dollar as compared with the deutsche mark, the yen, and the Swiss franc (and, with it, the higher rate of inflation in the United States as compared with these countries) is at least in part the consequence rather than the cause of the balance-ofpayments deficit of the United States. For under the present international monetary "system" (perhaps one should say non-system) the United States still has, to a certain extent, the possibility of covering its trade deficit by the emission of additional paper dollars, a phenomenon that plays a not unimportant role in fueling the process of inflation in the United States, as well as the rest of the world.

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Advanced Macroeconomics Solutions by Romer

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