By Lars Ljungqvist
Recursive tools provide a robust process for characterizing and fixing advanced difficulties in dynamic macroeconomics. Recursive Macroeconomic Theory presents either an advent to recursive equipment and complicated fabric, blending instruments and pattern purposes. basically event in fixing sensible difficulties absolutely conveys the facility of the recursive technique, and the ebook presents many functions. This 3rd variation deals enormous new fabric, with 3 fullyyt new chapters and important revisions to others. the recent content material displays fresh advancements within the box, extra illustrating the ability and pervasiveness of recursive tools. New chapters conceal asset pricing empirics with attainable resolutions to puzzles; research of credible govt coverage that includes country variables except attractiveness; and foundations of combination hard work offer with time averaging changing employment lotteries. different new fabric contains a multi-country research of taxation in a progress version, gildings of the economic idea of the cost point, and age externalities in an identical model.
The e-book is acceptable for either first- and second-year graduate classes in macroeconomics and fiscal economics. so much chapters finish with workouts. Many routines and examples use Matlab courses, that are stated in a unique index on the finish of the publication.
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Additional info for Recursive Macroeconomic Theory
11) A self-enforcing contract provides imperfect insurance when occasionally some of these participation constraints are binding. When they are binding, the planner sacriﬁces consumption smoothing in the interest of providing incentives for the contract to be self-enforcing. An alternative speciﬁcation eliminates the enforcement problem by assuming that once the household enters the contract, it does not have the option to walk away. A planner wants to supply insurance to the household in the most eﬃcient way, but now the planner cannot observe the household’s endowment.
Dynamic programming challenged But Edward C. ” asserted that Gordon was too optimistic. Prescott claimed that in his 1977 JPE paper with Kydland he had proved that it was “logically impossible” to use dynamic programming to ﬁnd optimal government policies in settings where private traders face genuinely dynamic problems. Prescott said that dynamic programming was inapplicable to government policy design problems because the structure of the best response of current private decisions to future government policies prevents the government policy design problem from being recursive (a manifestation of the time inconsistency of optimal government plans).
20 ) for subsets of agents. 16 Overview Chapter 21 describes a model of Harald Zhang (1997) and Alvarez and Jermann (2000, 2001). 20 ). 7 ). 3 ). 3 ). As we shall see, that requires eliminating some of the assets that some of the households can trade. These advanced models exploit a convenient method for representing and manipulating history dependence. 4. Recursive methods The pervasiveness of the consumption Euler inequality will be a signiﬁcant substantive theme of this book. We now turn to a methodological theme, the imperialism of the recursive method called dynamic programming.
Recursive Macroeconomic Theory by Lars Ljungqvist