Recursive Methods in Economic Dynamics

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Recursive Methods in Economic Dynamics
Nancy L. Stokey, Robert E. Luc ...
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Last edited by ImportBot
August 30, 2020 | History

Recursive Methods in Economic Dynamics

  • 1 Want to read

This rigorous but brilliantly lucid book presents a self-contained treatment of modern economic dynamics. Stokey, Lucas, and Prescott develop the basic methods of recursive analysis and illustrate 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 he made about individual and social behavior. Researchers and graduate students in economic theory will find this book essential.
--back cover

Publish Date
Language
English
Pages
606

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Edition Availability
Cover of: Recursive Methods in Economic Dynamics
Recursive Methods in Economic Dynamics
1989, Harvard University Press
Hardcover in English
Cover of: Recursive Methods in Economic Dynamics
Recursive Methods in Economic Dynamics
1989, Harvard University Press
in English

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Book Details


Classifications

Library of Congress
HB135

Edition Identifiers

Open Library
OL29694434M
ISBN 13
9780674735187

Work Identifiers

Work ID
OL4648179W

Source records

Better World Books record

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August 30, 2020 Created by ImportBot Imported from Better World Books record