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Recursive models of dynamic linear economies / Lars Hansen and Thomas J. Sargent.

By: Contributor(s): Material type: TextTextSeries: The Gorman lectures in economicsPublication details: Princeton : Princeton University Press, c2014.Description: xv, 399 p. ; 26 cmISBN:
  • 9780691042770 (hardcover : alk. paper)
Subject(s): DDC classification:
  • 330.01511352 23 H249
Contents:
Part I: Overview -- 1. Theory and econometrics -- Part II: Tools -- 2. Linear stochastic difference equations -- 3. Efficient computations -- Part III: Components of economies -- 4. Economic environments -- 5. Optimal resource allocations -- 6. A commodity space -- 7. Competitive economies -- Part IV: Representations and properties -- 8. Statistical representations -- 9. Canonical household technologies -- 10. Examples -- 11. Permanent income models -- 12. Gorman heterogeneous households -- 13. Complete markets aggregation -- 14. Periodic models of seasonality-- References -- Subject index -- Author index -- MATLAB index.
Acknowledgements -- Preface -- Overview -- Theory and econometrics -- Tools -- Linear stochastic difference equations -- Efficient computations -- Components of economies -- Economic environments -- Optimal resource allocations -- A commodity space -- Competitive economies -- Representations and properties -- Statistical representations -- Canonical household technologies -- Examples -- Permanent income models -- Gorman heterogeneous households -- Complete markets aggregation -- References -- Subject index -- Author index -- MATLAB index.
Summary: Demonstrates 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.
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Includes bibliographical references (p. 379-392) and index.

Part I: Overview --
1. Theory and econometrics --

Part II: Tools --
2. Linear stochastic difference equations --
3. Efficient computations --

Part III: Components of economies --
4. Economic environments --
5. Optimal resource allocations --
6. A commodity space --
7. Competitive economies --

Part IV: Representations and properties --
8. Statistical representations --
9. Canonical household technologies --
10. Examples --
11. Permanent income models --
12. Gorman heterogeneous households --
13. Complete markets aggregation --
14. Periodic models of seasonality--

References --
Subject index --
Author index --
MATLAB index.

Acknowledgements -- Preface -- Overview -- Theory and econometrics -- Tools -- Linear stochastic difference equations -- Efficient computations -- Components of economies -- Economic environments -- Optimal resource allocations -- A commodity space -- Competitive economies -- Representations and properties -- Statistical representations -- Canonical household technologies -- Examples -- Permanent income models -- Gorman heterogeneous households -- Complete markets aggregation -- References -- Subject index -- Author index -- MATLAB index.

Demonstrates 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.

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