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Recursive Macroeconomic Theory
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Binding: Hardcover
Dewey Decimal Number: 339.0151135
EAN: 9780262122740
Edition: 2nd
ISBN: 026212274X
Label: The MIT Press
Manufacturer: The MIT Press
Number Of Items: 1
Number Of Pages: 1116
Publication Date: September 01, 2004
Publisher: The MIT Press
Studio: The MIT Press
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Editorial Review:
Recursive methods offer a powerful approach for characterizing and solving complicated problems in dynamic macroeconomics. Recursive Macroeconomic Theory provides both an introduction to recursive methods and advanced material, mixing tools and sample applications. The second edition contains substantial revisions to about half the original material, and extensive additional coverage appears in seven chapters new to this edition. The updated and added material covers exciting new topics that further illustrate the power and pervasiveness of recursive methods.
Significant improvements to original chapters include a better treatment of the existence of recursive equilibria, an enhanced account of the supermartingale convergence theorem, and an extended treatment of an optimal taxation problem in an economy in which there are incomplete markets. Completely new coverage in the second edition includes an introductory chapter, which gives an overview of the themes uniting the diverse topics treated throughout the book. Two new chapters offer a self-contained account of the optimal growth model and some of its basic applications in macroeconomics and public finance. Other new chapters cover such topics as how to formulate and compute Stackelberg or Ramsey plans in linear economies, sustainable risk-sharing equilibria without commitment, and the application of recursive contracts to topics in international trade. Most chapters conclude with exercises and the book includes two technical appendixes covering functional analysis and control and filtering.
Customer Reviews
Average Rating: 
Rating:  - A book for Econometricians rather than Macroeconomists
The book is certainly written by distinguished people, but it seems to me that their focus in writting this book was more to exhibit mathematical methods to solve problems rather than discuss the problems themselves. Apparently the book is meant for training mathematical skills in dynamic programming, and prepare you for computer simulations of macroeconomic problems. But don't use it for understanding macroeconomics.
In general, the authors get into mathematical discussions that divert ... Read More
Rating:  - get it free
This is a great book. But you can download the second addition free on Sargent's website, so I wouldn't recommend buying it.
Rating: - Perfect book
This is a perfect book for three reasons; i) it is perfect for those who wish to learn modern macroeconomics. The book develops necessary knowledge and tools to be applied to dynamic economics, ii) Sargent is one of most prominent and leading macroeconomists of the world, and he should be Nobel prize winner in Economics, iii) the book is published by MIT.
Rating:  - Not for beginners
When I recently left my job as cryer in a grim, north-eastern town, I was made the head of recursive macroeconomic theory at a major international bank. I could have done with a simpler introduction than this, to be honest, as my knowledge of RMT was limited. But now I hold my own in meetings simply by spouting a few long words from this book (mainly "macroeconomic" and "recursive" - theory doesn't seem to impress as much) and delegating to underlings.
Rating: - Not the first book in Dynamic Macro, but excellent afterward
The first time i read the book, i'm sure this should not be the first text book for Dynamic Macroeconomics everyone should read. It's better to read somewhere else as an introduction to the idea of dynamic macroeconomics. Romer 'Advanced Macroeconomics' and Stokey, Lucas, Prescott 'Recursive Methods' are more appropriate to start. After gainning some similarity with Dynamic Methods, it would be much better to study models about macroeconomics presented in the book.
This book is the presentations ... Read More
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