Recursive Methods in Economic Dynamics

Stokey, Nancy L.

ISBN 10: 0674750969 / ISBN 13: 9780674750968

Editore: Harvard University Press, 1989

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This is an ex-library book and may have the usual library/used-book markings inside.This book has hardback covers. In good all round condition. Please note the Image in this listing is a stock photo and may not match the covers of the actual item,1050grams, ISBN:9780674750968.

Codice articolo 4140269

Dati bibliografici

• Titolo: Recursive Methods in Economic Dynamics
• Editore: Harvard University Press
• Data di pubblicazione: 1989
• Lingua: Inglese
• ISBN 10: 0674750969
• ISBN 13: 9780674750968
• Rilegatura: Rilegato
• Condizione: Good
• Peso: 1050 grammi
• Cataloghi dei venditori:
  • Economics

Descrizione articolo

Riassunto

Three eminent economists provide in this book a rigorous, self-contained treatment of modern economic dynamics. Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. Prescott develop the basic methods of recursive analysis and emphasize the many areas where they can usefully be applied.

After presenting an overview of the recursive approach, the authors develop economic applications for deterministic dynamic programming and the stability theory of first-order difference equations. They then treat stochastic dynamic programming and the convergence theory of discrete-time Markov processes, illustrating each with additional economic applications. They also derive a strong law of large numbers for Markov processes. Finally, they present the two fundamental theorems of welfare economics and show how to apply the methods developed earlier to general equilibrium systems.

The authors go on to apply their methods to many areas of economics. Models of firm and industry investment, household consumption behavior, long-run growth, capital accumulation, job search, job matching, inventory behavior, asset pricing, and money demand are among those they use to show how predictions can be made about individual and social behavior. Researchers and graduate students in many areas of economics, both theoretical and applied, will find this book essential.