000			02255 a2200253 4500
003			OSt
005			20250402020004.0
008			230504b xxu||||| |||| 00| 0 eng d
020			_a9780262038669
040			_cIIT Kanpur
041			_aeng
082			_a339.0151135 _bL769r4
100			_aLjungqvist, Lars
245			_aRecursive macroeconomic theory [4th ed.] _cLars Ljungqvist and Thomas J. Sargent
250			_a4th ed.
260			_bMIT Press _c2018 _aCambridge
300			_axxxvii, 1437p
520			_aThe 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.
650			_aRecursive functions
650			_aMacroeconomics
650			_aStatics and dynamics (Social sciences)
700			_aSargent, Thomas J.
942			_cBK _01
999			_c566434 _d566434