Recursive Models of Dynamic Linear Economies /
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 exa...
Autores principales: | , |
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Formato: | Electrónico eBook |
Idioma: | Inglés |
Publicado: |
Princeton, NJ :
Princeton University Press,
[2013]
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Edición: | Course Book |
Colección: | The Gorman Lectures in Economics ;
6 |
Temas: | |
Acceso en línea: | Texto completo Texto completo |
Sumario: | 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. |
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Descripción Física: | 1 online resource (424 p.) : 20 line illus. |
ISBN: | 9781400848188 9783110665925 |
Acceso: | restricted access |