Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Intro pdf
Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Intro pdf
... second-year macroeconomics course: select from chapters 13–26.
5. A self-contained course about recursive contracts: chapters 18–23.
As an example, Sargent used the following structure for a one-quarter ... important problems in macroeco-
nomics could not be formulated recursively. Kydland and Prescott (1977) ar-
gued that it would be difficult to apply recursive methods to macroeconomic...
Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Chapter 1 potx
... insured away. Higher
present-value-of-endowment consumers will have permanently higher consump-
tion than lower present-value-of-endowment consumers, so that there is a non-
degenerate cross-section ... humans share a com-
mon ancestor called Eve who lived 200,000 years ago. All of macroeconomics
too seems to have descended from a common source, Irving Fisher’s and Mil-
ton Friedman’s consump...
Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Chapter 2 pptx
... stationary stochastic process, all second moments can be en-
coded in a complex-valued matrix called the spectral density matrix. The auto-
covariance sequence for the process determines the spectral ... difficult to predict variable; and (b) nevertheless that θ(L) = φ(L)
so that the stochastic discount factor has subtle predictable components. Fea-
ture (a) is needed to match observed prices...
Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Chapter 3 docx
... permit uncertainty. Es-
sentially, we add some well-placed shocks to the previous non-stochastic prob-
lem. So long as the shocks are either independently and identically distributed
or Markov, straightforward ... (3.1.17)
where
ˆ
k denotes the “two-period-ahead” value of k.Equation(3.1.17) can be
expressed as
1=β
u
(c
t+1
)
u
(c
t
)
f
(k
t+1
) ,
an Euler equation that is exploited exte...
Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Chapter 4 ppt
... involve no opti-
mization, just computing discounted expected utility. The appendix to chapter
6 describes some related examples based on search theory.
4.6.1. Example 1: calculating expected utility
Suppose ... V is a discounted present value that an insurer has promised to an unem-
ployed worker, V
u
is a value for next period that the insurer promises the worker
if he remains unemployed, 1...
Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Chapter 5 doc
... devoted to characterizing the conditions on A, B, R,and
Q under which the optimal closed-loop system matrix (A−BF) is stable. These
results are surveyed by Anderson, Hansen, McGrattan, and Sargent ... eigenvalues of
(A−BF). Write the “closed-loop” equation as x
t+1
= DΛD
−1
x
t
.Thesolution
of this difference equation for t>0 is readily veri ed by repeated substitution
to be x
t
= DΛ
t
D...
Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Chapter 6 docx
... each period she remains unemployed, or a fixed wage w
that the worker receives if employed. Once employed, the worker is employed
forever with no chance of being fired. Every odd period (i.e., t ... the concept
of a “mean-preserving increase in spread.” In particular, a distribution indexed
by r
2
is said to have been obtained from a distribution indexed by r
1
by a
mean-preserving increase ......
Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Chapter 7 pdf
... remarks
This chapter has introduced two equilibrium concepts and illustrated how dy-
namic programming algorithms are embedded in each. For the linear models we
have used as illustrations, the ... the
parameter values listed in exercise 7.1.
Exercise 7.6 Self-control
This is a model of a human who has time-inconsistent preferences, of a type
proposed by Phelps and Pollak (1968) and used by La...
Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Chapter 8 pptx
... the state-contingent consumption to-
day and the promised discounted utility tomorrow are functions of the initial
promised discounted utility levels.
Define v as the expected discounted utility ... function for a com-
plete markets economy with date- and history-contingent commodities, whose
markets have been reopened at date τ ,historys
τ
, given the wealth levels im-
plied by the tails ......
Recursive macroeconomic theory, Thomas Sargent 2nd Ed - Chapter 9 pdf
... have already en-
countered repeated examples of the situation that, before an equilibrium with
valued currency can exist, the equilibrium without valued currency must be a
low-interest-rate economy ... issued IOU’s (the first term) and
government-issued currency. The right side is thus an abstract version of M1,
which is a sum of privately issued IOU’s (demand deposits) and government-
issued...
Từ khóa:
- essential english grammar in use intermediate 2nd ed cambridge pdf
- verilog hdl a guide to digital design and synthesis 2nd ed
- digital image processing using matlab 2nd ed pdf download
- the theory of probabilities and telephone conversations pdf
- theory of inventive problem solving triz pdf
- operating systems principles and practice thomas anderson and michael dahlin pdf