Recursive Models of Dynamic Linear Economies / / Thomas J. Sargent, Lars Peter Hansen.

• Superior document: Title is part of eBook package: De Gruyter Princeton University Press Complete eBook-Package 2014-2015
• VerfasserIn: Hansen, Lars Peter,; Sargent, Thomas J.,
• Place / Publishing House: Princeton, NJ : : Princeton University Press, , [2013]; ©2014
• Year of Publication: 2013
• Edition: Course Book
• Language: English
• Series: The Gorman Lectures in Economics ; 6
• Physical Description: 1 online resource (424 p.) :; 20 line illus.
• Other title: Frontmatter --; Contents --; Preface --; Acknowledgments --; Part I. Overview --; Chapter 1. Theory and Econometrics --; Part II. Tools --; Chapter 2. Linear Stochastic Difference Equations --; Chapter 3. Efficient Computations --; Part III. Components of Economies --; Chapter 4. Economic Environments --; Chapter 5. Optimal Resource Allocations --; Chapter 6. A Commodity Space --; Chapter 7. Competitive Economies --; Part IV. Representations and Properties --; Chapter 8. Statistical Representations --; Chapter 9. Canonical Household Technologies --; Chapter 10. Examples --; Chapter 11. Permanent IncomeModels --; Chapter 12. Gorman Heterogeneous Households --; Chapter 13. Complete Markets Aggregation --; Chapter 14. Periodic Models of Seasonality --; Appendix A. MATLAB Programs --; References --; Subject Index --; Author Index --; MATLAB Index --; The Gorman Lectures in Economics
• Format: Mode of access: Internet via World Wide Web.
• ISBN: 9781400848188; 9783110665925
• DOI: 10.1515/9781400848188?locatt=mode:legacy
• Access: restricted access
• Hierarchical level: Monograph
• Statement of Responsibility: Thomas J. Sargent, Lars Peter Hansen.

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.