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Recursive Macroeconomic Theory by Lars Ljungqvist (Stockholm School of Economics) at Abbey's Bookshop,
Recursive Macroeconomic Theory
— —
Lars Ljungqvist (Stockholm School of Economics) Thomas J. Sargent (New York University)

Recursive Macroeconomic Theory

Lars Ljungqvist (Stockholm School of Economics),  Thomas J. Sargent (New York University)

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English
MIT Press
11 September 2018
Macroeconomics
Series: The MIT Press
The substantially revised fourth edition of a widely used text, offering both an introduction to recursive methods and advanced material, mixing tools and sample applications.

Recursive methods provide powerful ways to pose and solve problems in dynamic macroeconomics. Recursive Macroeconomic Theory offers both an introduction to recursive methods and more advanced material. Only practice in solving diverse problems fully conveys the advantages of the recursive approach, so the book provides many applications. This fourth edition features two new chapters and substantial revisions to other chapters that demonstrate the power of recursive methods.

One new chapter applies the recursive approach to Ramsey taxation and sharply characterizes the time inconsistency of optimal policies. These insights are used in other chapters to simplify recursive formulations of Ramsey plans and credible government policies. The second new chapter explores the mechanics of matching models and identifies a common channel through which productivity shocks are magnified across a variety of matching models. Other chapters have been extended and refined. For example, there is new material on heterogeneous beliefs in both complete and incomplete markets models; and there is a deeper account of forces that shape aggregate labor supply elasticities in lifecycle models.

The book is suitable for first- and second-year graduate courses in macroeconomics. Most chapters conclude with exercises; many exercises and examples use Matlab or Python computer programming languages.

The substantially revised fourth edition of a widely used text, offering both an introduction to recursive methods and advanced material, mixing tools and sample applications.

Recursive methods provide powerful ways to pose and solve problems in dynamic macroeconomics. Recursive Macroeconomic Theory offers both an introduction to recursive methods and more advanced material. Only practice in solving diverse problems fully conveys the advantages of the recursive approach, so the book provides many applications. This fourth edition features two new chapters and substantial revisions to other chapters that demonstrate the power of recursive methods.

One new chapter applies the recursive approach to Ramsey taxation and sharply characterizes the time inconsistency of optimal policies. These insights are used in other chapters to simplify recursive formulations of Ramsey plans and credible government policies. The second new chapter explores the mechanics of matching models and identifies a common channel through which productivity shocks are magnified across a variety of matching models. Other chapters have been extended and refined. For example, there is new material on heterogeneous beliefs in both complete and incomplete markets models; and there is a deeper account of forces that shape aggregate labor supply elasticities in lifecycle models.

The book is suitable for first- and second-year graduate courses in macroeconomics. Most chapters conclude with exercises; many exercises and examples use Matlab or Python computer programming languages.
By:   ,
Imprint:   MIT Press
Country of Publication:   United States
Edition:   fourth edition
Dimensions:   Height: 229mm,  Width: 178mm,  Spine: 56mm
ISBN:   9780262038669
ISBN 10:   0262038668
Series:   The MIT Press
Pages:   1480
Publication Date:  
Recommended Age:   From 18 years
Audience:   College/higher education ,  Primary
Format:   Hardback
Publisher's Status:   Active

Lars Ljungqvist is Professor of Economics at the Stockholm School of Economics. Thomas J. Sargent, awarded the 2011 Nobel Prize in Economic Sciences, is Berkley Professor of Economics and Business at New York University and Senior Fellow at the Hoover Institution.

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