Recursive Models of Dynamic Linear Economies (Paperback)

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.

General

Imprint:	Princeton University Press
Country of origin:	United States
Series:	The Gorman Lectures in Economics
Release date:	July 2018
First published:	2014
Authors:	Lars Peter Hansen • Thomas J Sargent
Dimensions:	254 x 178 x 29mm (L x W x T)
Format:	Paperback - Trade
Pages:	424
ISBN-13:	978-0-691-18073-1
Categories:	Books > Business & Economics > Economics > Economic theory & philosophy Books > Business & Economics > Economics > Econometrics > General Promotions
LSN:	0-691-18073-3
Barcode:	9780691180731

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