Recursive Models of Dynamic Linear Economies (The Gorman Lectures in Economics, 6)

Hansen, Lars Peter

ISBN 10: 0691042772 / ISBN 13: 9780691042770

Editore: Princeton University Press, 2013

Riguardo questo articolo

Special order direct from the distributor. Codice articolo ING9780691042770

Dati bibliografici

Titolo: Recursive Models of Dynamic Linear Economies...

Casa editrice: Princeton University Press

Data di pubblicazione: 2013

Legatura: hardcover

Condizione: New

Edizione: 1st Edition.

Descrizione articolo

Riassunto:

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.

Recensione:

Lars Peter Hansen, Co-Winner of the 2013 Nobel Prize in Economics
Thomas J. Sargent, Winner of the 2011 Nobel Prize in Economics