Recursive models of dynamic linear economies / Lars Hansen and Thomas J. Sargent.
Material type: TextSeries: The Gorman lectures in economicsPublisher: Princeton, New Jersey : Princeton University Press, c2014Description: 1 online resource (xv, 399 p.)Content type:- text
- unmediated
- volume
- 9780691042770 (hardcover : alk. paper)
- 330.01/511352 23
- HB135 .H36 2014
Item type | Current library | Collection | Shelving location | Call number | Copy number | Status | Date due | Barcode | |
---|---|---|---|---|---|---|---|---|---|
eBook (Electronic Book) | North South University Library | Non-fiction | Online | HB135.H36 2014 (Browse shelf(Opens below)) | 1 | 1 | 500010110 |
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HB135.C47 1984 Fundamental methods of mathematical economics / | HB135.C47 2005 Fundamental methods of mathematical economics / | HB135.D69 2001 Schaum's outline of theory and problems of introduction to mathematical economics / | HB135.H36 2014 Recursive models of dynamic linear economies / | HB135.S54 2001 The structure of economics : a mathematical analysis / | HB139.A54 2009 Mostly harmless econometrics : an empiricist's companion / | HB139.A54 2015 Mastering 'metrics : the path from cause to effect / |
Includes bibliographical references (p. 379-392) and index.
Acknowledgements -- Preface -- Overview -- Theory and econometrics -- Tools -- Linear stochastic difference equations -- Efficient computations -- Components of economies -- Economic environments -- Optimal resource allocations -- A commodity space -- Competitive economies -- Representations and properties -- Statistical representations -- Canonical household technologies -- Examples -- Permanent income models -- Gorman heterogeneous households -- Complete markets aggregation -- References -- Subject index -- Author index -- MATLAB index.
A guide to the economic modeling of household preferences, from two leaders in the field
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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