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Recursive Macroeconomic Theory

Recursive Macroeconomic Theory Author Lars Ljungqvist
ISBN-10 9780262312028
Release 2012-08-31
Pages 1360
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Recursive methods offer a powerful approach for characterizing and solving complicated problems in dynamic macroeconomics. Recursive Macroeconomic Theory provides both an introduction to recursive methods and advanced material, mixing tools and sample applications. Only experience in solving practical problems fully conveys the power of the recursive approach, and the book provides many applications. This third edition offers substantial new material, with three entirely new chapters and significant revisions to others. The new content reflects recent developments in the field, further illustrating the power and pervasiveness of recursive methods. New chapters cover asset pricing empirics with possible resolutions to puzzles; analysis of credible government policy that entails state variables other than reputation; and foundations of aggregate labor supply with time averaging replacing employment lotteries. Other new material includes a multi-country analysis of taxation in a growth model, elaborations of the fiscal theory of the price level, and age externalities in a matching model.The book is suitable for both first- and second-year graduate courses in macroeconomics and monetary economics. Most chapters conclude with exercises. Many exercises and examples use Matlab programs, which are cited in a special index at the end of the book.



Recursive Macroeconomic Theory

Recursive Macroeconomic Theory Author Lars Ljungqvist
ISBN-10 026212274X
Release 2004
Pages 1082
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Recursive methods offer a powerful approach for characterizing and solvingcomplicated problems in dynamic macroeconomics. Recursive Macroeconomic Theory provides both anintroduction to recursive methods and advanced material, mixing tools and sample applications. Thesecond edition contains substantial revisions to about half the original material, and extensiveadditional coverage appears in seven chapters new to this edition. The updated and added materialcovers exciting new topics that further illustrate the power and pervasiveness of recursivemethods.Significant improvements to original chapters include a better treatment of the existence ofrecursive equilibria, an enhanced account of the supermartingale convergence theorem, and anextended treatment of an optimal taxation problem in an economy in which there are incompletemarkets. Completely new coverage in the second edition includes an introductory chapter, which givesan overview of the themes uniting the diverse topics treated throughout the book. Two new chaptersoffer a self-contained account of the optimal growth model and some of its basic applications inmacroeconomics and public finance. Other new chapters cover such topics as how to formulate andcompute Stackelberg or Ramsey plans in linear economies, sustainable risk-sharing equilibria withoutcommitment, and the application of recursive contracts to topics in international trade. Mostchapters conclude with exercises and the book includes two technical appendixes covering functionalanalysis and control and filtering.



Recursive Macroeconomic Theory

Recursive Macroeconomic Theory Author Lars Ljungqvist
ISBN-10 0262038668
Release 2018
Pages
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Revised edition of the authors' Recursive macroeconomic theory, c2012.



Recursive Methods in Economic Dynamics

Recursive Methods in Economic Dynamics Author Nancy L. Stokey
ISBN-10 9780674735187
Release 1989-10-10
Pages 607
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This rigorous but brilliantly lucid book presents a self-contained treatment of modern economic dynamics. Stokey, Lucas, and Prescott develop the basic methods of recursive analysis and illustrate the many areas where they can usefully be applied.



Dynamic Macroeconomic Theory

Dynamic Macroeconomic Theory Author Thomas J. Sargent
ISBN-10 0674043081
Release 2009-06-01
Pages 384
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The tasks of macroeconomics are to interpret observations on economic aggregates in terms of the motivations and constraints of economic agents and to predict the consequences of alternative hypothetical ways of administering government economic policy. General equilibrium models form a convenient context for analyzing such alternative government policies. In the past ten years, the strengths of general equilibrium models and the corresponding deficiencies of Keynesian and monetarist models of the 1960s have induced macroeconomists to begin applying general equilibrium models. This book describes some general equilibrium models that are dynamic, that have been built to help interpret time-series of observations of economic aggregates and to predict the consequences of alternative government interventions. The first part of the book describes dynamic programming, search theory, and real dynamic capital pricing models. Among the applications are stochastic optimal growth models, matching models, arbitrage pricing theories, and theories of interest rates, stock prices, and options. The remaining parts of the book are devoted to issues in monetary theory; currency-in-utility-function models, cash-in-advance models, Townsend turnpike models, and overlapping generations models are all used to study a set of common issues. By putting these models to work on concrete problems in exercises offered throughout the text, Sargent provides insights into the strengths and weaknesses of these models of money. An appendix on functional analysis shows the unity that underlies the mathematics used in disparate areas of rational expectations economics. This book on dynamic equilibrium macroeconomics is suitable for graduate-level courses; a companion book, Exercises in "Dynamic Macroeconomic Theory," provides answers to the exercises and is also available from Harvard University Press.



Exercises in Dynamic Macroeconomic Theory

Exercises in Dynamic Macroeconomic Theory Author Rodolfo E. Manuelli
ISBN-10 0674040570
Release 2009-06-01
Pages 238
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This book is a companion volume to Dynamic Macroeconomic Theory by Thomas J. Sargent. It provides scrimmages in dynamic macroeconomic theory--precisely the kind of drills that people will need in order to learn the techniques of dynamic programming and its applications to economics. By doing these exercises, the reader can acquire the ability to put the theory to work in a variety of new situations, build technical skill, gain experience in fruitful ways of setting up problems, and learn to distinguish cases in which problems are well posed from cases in which they are not.The basic framework provided by variants of a dynamic general equilibrium model is used to analyze problems in macroeconomics and monetary economics. An equilibrium model provides a mapping from parameters of preferences, technologies, endowments, and "rules of the game" to a probability model for time series. The rigor of the logical connections between theory and observations that the mapping provides is an attractive feature of dynamic equilibrium, or "rational expectations," models. This book gives repeated and varied practice in constructing and interpreting this mapping.



Solutions Manual for Recursive Methods in Economic Dynamics

Solutions Manual for Recursive Methods in Economic Dynamics Author Claudio IRIGOYEN
ISBN-10 9780674038967
Release 2009-06-30
Pages 304
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This solutions manual is a companion volume to the classic textbook Recursive Methods in Economic Dynamics by Nancy L. Stokey and Robert E. Lucas. Efficient and lucid in approach, this manual will greatly enhance the value of Recursive Methods as a text for self-study.



Economic Dynamics in Discrete Time

Economic Dynamics in Discrete Time Author Jianjun Miao
ISBN-10 9780262325608
Release 2014-09-19
Pages 736
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This book offers a unified, comprehensive, and up-to-date treatment of analytical and numerical tools for solving dynamic economic problems. The focus is on introducing recursive methods -- an important part of every economist's set of tools -- and readers will learn to apply recursive methods to a variety of dynamic economic problems. The book is notable for its combination of theoretical foundations and numerical methods. Each topic is first described in theoretical terms, with explicit definitions and rigorous proofs; numerical methods and computer codes to implement these methods follow. Drawing on the latest research, the book covers such cutting-edge topics as asset price bubbles, recursive utility, robust control, policy analysis in dynamic New Keynesian models with the zero lower bound on interest rates, and Bayesian estimation of dynamic stochastic general equilibrium (DSGE) models. The book first introduces the theory of dynamical systems and numerical methods for solving dynamical systems, and then discusses the theory and applications of dynamic optimization. The book goes on to treat equilibrium analysis, covering a variety of core macroeconomic models, and such additional topics as recursive utility (increasingly used in finance and macroeconomics), dynamic games, and recursive contracts. The book introduces Dynare, a widely used software platform for handling a range of economic models; readers will learn to use Dynare for numerically solving DSGE models and performing Bayesian estimation of DSGE models. Mathematical appendixes present all the necessary mathematical concepts and results. Matlab codes used to solve examples are indexed and downloadable from the book's website. A solutions manual for students is available for sale from the MIT Press; a downloadable instructor's manual is available to qualified instructors.



Big Ideas in Macroeconomics

Big Ideas in Macroeconomics Author Kartik B. Athreya
ISBN-10 9780262314411
Release 2013-12-27
Pages 440
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Macroeconomists have been caricatured either as credulous savants in love with the beauty of their mathematical models or as free-market fundamentalists who admit no doubt as to the market's wisdom. In this book, Kartik Athreya draws a truer picture, offering a nontechnical description of prominent ideas and models in macroeconomics, and arguing for their value as interpretive tools as well as their policy relevance. Athreya deliberately leaves out the technical machinery, providing an essential guide to the sometimes abstract ideas that drive macroeconomists' research and practical policy advice.Athreya describes the main approach to macroeconomic model construction, the foundational Walrasian general-equilibrium framework, and its modern version, the Arrow-Debreu-McKenzie (ADM) model. In the heart of the book, Athreya shows how the Walrasian approach shapes and unifies much of modern macroeconomics. He details models central to ongoing macroeconomic analyses: the neoclassical and stochastic growth models, the standard incomplete-markets model, the overlapping-generations model, and the standard search model. Athreya's accessible primer traces the links between the views and policy advice of modern macroeconomists and their shared theoretical approach.



Inventing the Medium

Inventing the Medium Author Janet H. Murray
ISBN-10 9780262302807
Release 2011-11-23
Pages 504
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Digital artifacts from iPads to databases pervade our lives, and the design decisions that shape them affect how we think, act, communicate, and understand the world. But the pace of change has been so rapid that technical innovation is outstripping design. Interactors are often mystified and frustrated by their enticing but confusing new devices; meanwhile, product design teams struggle to articulate shared and enduring design goals. With Inventing the Medium, Janet Murray provides a unified vocabulary and a common methodology for the design of digital objects and environments. It will be an essential guide for both students and practitioners in this evolving field.Murray explains that innovative interaction designers should think of all objects made with bits -- whether games or Web pages, robots or the latest killer apps -- as belonging to a single new medium: the digital medium. Designers can speed the process of useful and lasting innovation by focusing on the collective cultural task of inventing this new medium. Exploring strategies for maximizing the expressive power of digital artifacts, Murray identifies and examines four representational affordances of digital environments that provide the core palette for designers across applications: computational procedures, user participation, navigable space, and encyclopedic capacity. Each chapter includes a set of Design Explorations -- creative exercises for students and thought experiments for practitioners -- that allow readers to apply the ideas in the chapter to particular design problems. Inventing the Medium also provides more than 200 illustrations of specific design strategies drawn from multiple genres and platforms and a glossary of design concepts.



Optimization in Economic Theory

Optimization in Economic Theory Author Avinash K. Dixit
ISBN-10 0198772106
Release 1990
Pages 188
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Building on a base of simple economic theory and elementary linear algebra and calculus, this broad treatment of static and dynamic optimization methods discusses the importance of shadow prices, and reviews functions defined by solutions of optimization problems. Recently revised and expanded, the second edition will be a valuable resource for upper level undergraduate and graduate students.



Macroeconomic Theory

Macroeconomic Theory Author Michael Wickens
ISBN-10 9781400842476
Release 2012-03-12
Pages 616
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Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second edition emphasizes the general equilibrium character of macroeconomics to explain effects across the whole economy while taking into account recent research in the field. It is the perfect resource for students and researchers seeking coverage of the most current developments in macroeconomics. Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, and exchange-rate determination. There is also an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. In this edition, he also examines issues raised by the most recent financial crisis, and two new chapters explore banks, financial intermediation, and unconventional monetary policy, as well as modern theories of unemployment. There is new material in most other chapters, including macrofinance models and inflation targeting when there are supply shocks. While the mathematics in the book is rigorous, the fundamental concepts presented make the text self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory is the standard book on the subject for students and economists. The most up-to-date graduate macroeconomics textbook available today General equilibrium macroeconomics and the latest advances covered fully and completely Two new chapters investigate banking and monetary policy, and unemployment Addresses questions raised by the recent financial crisis Web-based exercises with answers Extensive mathematical appendix for at-a-glance easy reference This book has been adopted as a textbook at the following universities: American University Bentley College Brandeis University Brigham Young University California Lutheran University California State University - Sacramento Cardiff University Carleton University Colorado College Fordham University London Metropolitan University New York University Northeastern University Ohio University - Main Campus San Diego State University St. Cloud State University State University Of New York - Amherst Campus State University Of New York - Buffalo North Campus Temple University - Main Texas Tech University University of Alberta University Of Notre Dame University Of Ottawa University Of Pittsburgh University Of South Florida - Tampa University Of Tennessee University Of Texas At Dallas University Of Washington University of Western Ontario Wesleyan University Western Nevada Community College



Learning and Expectations in Macroeconomics

Learning and Expectations in Macroeconomics Author George W. Evans
ISBN-10 9781400824267
Release 2012-01-06
Pages 424
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A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.



Computable Foundations for Economics

Computable Foundations for Economics Author K. Vela Velupillai
ISBN-10 9781134253371
Release 2012-07-26
Pages 512
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K. Vela Velupillai is probably the world's leading expert, and author of a number of key essays on, computable economics. His essays, brought together here for the first time have been revised and updated and set alongside significant new contributions.



Lectures on Macroeconomics

Lectures on Macroeconomics Author Olivier J. Blanchard
ISBN-10 0262022834
Release 1989-01-01
Pages 650
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The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices.



China s Design Revolution

China s Design Revolution Author Lorraine Justice
ISBN-10 9780262017428
Release 2012
Pages 144
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China is on the verge of a design revolution. A "third generation" of the People's Republic of China that came of age during China's "opening up" period of the 1980s now strives for fame, fortune, and self expression. This generation, workers in their thirties and forties, has more freedom to create--and to consume--than their parents or grandparents. In China's Design Revolution, Lorraine Justice maps the evolution of Chinese design and innovation. Justice explains that just as this "third generation" (post-Revolution, post--Cultural Revolution) reaches for self-expression, China's government is making massive investments in design and innovation, supporting design and creative activities (including design education programs, innovation parks, and privatized companies) at the local and national levels. The goal is to stimulate economic growth--and to establish China as a global creative power. Influenced by Mao and Confucius, communism and capitalism, patriotism and cosmopolitanism, China's third generation will drive the culture of design and innovation in China--and maybe the rest of the world. Justice describes and documents examples of Chinese design and innovation that range from ancient ceramics to communist propaganda posters. She then explores current award-winning projects in media, fashion, graphic, interior, and product design; and examines the lifestyle and purchasing trends of the "fourth generation," now in their teens and twenties. China's Design Revolution offers an essential guide to the inextricably entwined stories of design, culture, and politics in China.



Rational Expectations and Inflation

Rational Expectations and Inflation Author Thomas J. Sargent
ISBN-10 9781400847648
Release 2013-05-05
Pages 392
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This collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which Thomas Sargent was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic decisions, yet applying the theory to macroeconomics and econometrics is technically demanding. Here, Sargent engages with practical problems in economics in a less formal, noneconometric way, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. He focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, Sargent finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated. This fully expanded edition of Rational Expectations and Inflation includes Sargent's 2011 Nobel lecture, "United States Then, Europe Now." It also features new articles on the macroeconomics of the French Revolution and government budget deficits.