Recursive Models of Dynamic Linear Economies Hardback
by Lars Peter Hansen, Thomas J. Sargent
Part of the The Gorman Lectures in Economics series
Hardback
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Description
A common set of mathematical tools underlies dynamic optimization, dynamic estimation, and filtering.
In Recursive Models of Dynamic Linear Economies, Lars Peter Hansen and Thomas Sargent use these tools to create a class of econometrically tractable models of prices and quantities.
They present examples from microeconomics, macroeconomics, and asset pricing.
The models are cast in terms of a representative consumer.
While Hansen and Sargent demonstrate the analytical benefits acquired when an analysis with a representative consumer is possible, they also characterize the restrictiveness of assumptions under which a representative household justifies a purely aggregative analysis. Hansen and Sargent unite economic theory with a workable econometrics while going beyond and beneath demand and supply curves for dynamic economies.
They construct and apply competitive equilibria for a class of linear-quadratic-Gaussian dynamic economies with complete markets.
Their book, based on the 2012 Gorman lectures, stresses heterogeneity, aggregation, and how a common structure unites what superficially appear to be diverse applications. An appendix describes MATLAB programs that apply to the book's calculations.
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Available to Order - This title is available to order, with delivery expected within 2 weeks
- Format:Hardback
- Pages:424 pages, 20 line illus.
- Publisher:Princeton University Press
- Publication Date:26/12/2013
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- ISBN:9780691042770
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Information
-
Available to Order - This title is available to order, with delivery expected within 2 weeks
- Format:Hardback
- Pages:424 pages, 20 line illus.
- Publisher:Princeton University Press
- Publication Date:26/12/2013
- Category:
- ISBN:9780691042770