Recursive Methods in Economic Dynamics

Stokey, Nancy L. and Robert E. Lucas:

ISBN 10: 0674750969 / ISBN 13: 9780674750968

Editore: Harvard University Press, 1989

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588 Seiten Der Erhaltungszustand des hier angebotenen Werks ist trotz seiner Bibliotheksnutzung sehr sauber und kann entsprechende Merkmale aufweisen (Rückenschild, Instituts-Stempel.). In ENGLISCHER Sprache. Sprache: Englisch Gewicht in Gramm: 1015.

Codice articolo 2234009

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: gebundene Ausgabe
• Condizione: Gut
• Peso: 1015 grammi
• Cataloghi dei venditori:
  • 604 Wirtschaft

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.