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.
General
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