Recursive Methods in Economic Dynamics

Author: Nancy L. Stokey,Robert E. Lucas, Jr.,Robert E. Lucas (Jr.),Edward C. Prescott,A. David Stokey

Publisher: American Mathematical Soc.

ISBN: 9780674750968

Category: Business & Economics

Page: 588

View: 552

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Develops the basic methods of recursive analysis, covers stochastic dynamic programming, and presents two fundamental theorems of welfare economics
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Recursive Methods in Economic Dynamics

Author: Nancy L. Stokey

Publisher: Harvard University Press

ISBN: 0674735196

Category: Business & Economics

Page: 608

View: 593

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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.
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Solutions Manual for Recursive Methods in Economic Dynamics

Author: Claudio IRIGOYEN,Esteban Rossi-Hansberg,Mark L. J Wright,Claudio Irigoyen

Publisher: Harvard University Press

ISBN: 0674038967

Category: Business & Economics

Page: 304

View: 3328

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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.
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Economic Dynamics in Discrete Time

Author: Jianjun Miao

Publisher: MIT Press

ISBN: 0262027615

Category: Business & Economics

Page: 736

View: 5745

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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.
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The Economics of Inaction

Stochastic Control Models with Fixed Costs

Author: Nancy L. Stokey

Publisher: Princeton University Press

ISBN: 0691135053

Category: Business & Economics

Page: 308

View: 7202

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In The Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control. She presents the relevant results about Brownian motion and other diffusion processes, develops methods for analyzing each type of problem, and discusses applications to price setting, investment, and durable goods purchases."--Pub. desc.
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Dynamic Macroeconomic Theory

Author: Thomas J. Sargent

Publisher: Harvard University Press

ISBN: 9780674043084

Category: Business & Economics

Page: 384

View: 6998

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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.
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Issues in Positive Political Economy

Author: Syed Mansoob Murshed

Publisher: Routledge

ISBN: 1134511035

Category: Business & Economics

Page: 208

View: 3535

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Political economy - the original name for economics in its entirety - has in recent years witnessed a semantic broadening to include some of the preoccupations of classical economics. This intriguing collection of contributed work is concerned mainly with developments in the neo-classical tradition and examines the role played by rational choice in the decision-making processes of firms and the State. With contributions from leading scholars including Tony Addison, Bruno Frey and Alan Rugman, this book is an important addition to the field of Political Economy and should become essential reading for all economists as well as policy makers.
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An Introduction to Mathematical Analysis for Economic Theory and Econometrics

Author: Dean Corbae,Maxwell B. Stinchcombe,Juraj Zeman

Publisher: Princeton University Press

ISBN: 1400833086

Category: Business & Economics

Page: 688

View: 4697

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Providing an introduction to mathematical analysis as it applies to economic theory and econometrics, this book bridges the gap that has separated the teaching of basic mathematics for economics and the increasingly advanced mathematics demanded in economics research today. Dean Corbae, Maxwell B. Stinchcombe, and Juraj Zeman equip students with the knowledge of real and functional analysis and measure theory they need to read and do research in economic and econometric theory. Unlike other mathematics textbooks for economics, An Introduction to Mathematical Analysis for Economic Theory and Econometrics takes a unified approach to understanding basic and advanced spaces through the application of the Metric Completion Theorem. This is the concept by which, for example, the real numbers complete the rational numbers and measure spaces complete fields of measurable sets. Another of the book's unique features is its concentration on the mathematical foundations of econometrics. To illustrate difficult concepts, the authors use simple examples drawn from economic theory and econometrics. Accessible and rigorous, the book is self-contained, providing proofs of theorems and assuming only an undergraduate background in calculus and linear algebra. Begins with mathematical analysis and economic examples accessible to advanced undergraduates in order to build intuition for more complex analysis used by graduate students and researchers Takes a unified approach to understanding basic and advanced spaces of numbers through application of the Metric Completion Theorem Focuses on examples from econometrics to explain topics in measure theory
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