Recursive Methods in Economic Dynamics

Name: Recursive Methods in Economic Dynamics
Price: 104.50 USD
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4.7 of 5 Stars: Business & Finance - Recursive Methods in Economic Dynamics

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Book Synopsis: Three eminent economists provide in this book a rigorous, self-contained treatment of modern economic dynamics. Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. Prescott develop the basic methods of recursive analysis and emphasize 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 be made about individual and social behavior. Researchers and graduate students in many areas of economics, both theoretical and applied, will find this book essential.

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Discover the groundbreaking insights of economic dynamics with the comprehensive book "Recursive Methods in Economic Dynamics." Authored by three distinguished economists, this book offers a thorough exploration of modern economic dynamics and the essential methods of recursive analysis. Delve into economic applications for deterministic dynamic programming, stochastic dynamic programming, and more, showcasing how these methods can revolutionize economic predictions and understanding.

Uncover the practical implications of this book through its diverse applications to various economic domains. From models of firm and industry investment to household consumption behavior and asset pricing, "Recursive Methods in Economic Dynamics" equips readers with the tools to make informed predictions about individual and societal economic behaviors. Dive into the complexities of general equilibrium systems and witness how these methods can enhance your insights into economic phenomena.

Designed for researchers and graduate students in theoretical and applied economics, this book is a must-have resource for those seeking a deeper understanding of economic dynamics. Whether you are exploring long-run growth, capital accumulation, job search, or money demand, this book provides a roadmap to navigate the intricate landscape of economic analysis. Elevate your expertise in economics with the insights and methodologies presented in this seminal work.

Ready to enhance your understanding of economic dynamics? Dive into the world of modern economic analysis with "Recursive Methods in Economic Dynamics." Get your copy now!

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