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Economic Dynamics in Discrete Time

2017-07-28 
This book offers a unified, comprehensive, and up-to-date treatment of analytical and numerical tool
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Economic Dynamics in Discrete Time

This book offers a unified, comprehensive, and up-to-date treatment of analytical and numerical tools for solving dynamic economic problems. The focus is on introducing recursive methods -- an important part of every economist's set of tools -- and readers will learn to apply recursive methods to a variety of dynamic economic problems. The book is notable for its combination of theoretical foundations and numerical methods. Each topic is first described in theoretical terms, with explicit definitions and rigorous proofs; numerical methods and computer codes to implement these methods follow. Drawing on the latest research, the book covers such cutting-edge topics as asset price bubbles, recursive utility, robust control, policy analysis in dynamic New Keynesian models with the zero lower bound on interest rates, and Bayesian estimation of dynamic stochastic general equilibrium (DSGE) models. The book first introduces the theory of dynamical systems and numerical methods for solving dynamical systems, and then discusses the theory and applications of dynamic optimization. The book goes on to treat equilibrium analysis, covering a variety of core macroeconomic models, and such additional topics as recursive utility (increasingly used in finance and macroeconomics), dynamic games, and recursive contracts. The book introduces Dynare, a widely used software platform for handling a range of economic models; readers will learn to use Dynare for numerically solving DSGE models and performing Bayesian estimation of DSGE models. Mathematical appendixes present all the necessary mathematical concepts and results. Matlab codes used to solve examples are indexed and downloadable from the book's website. A solutions manual for students is available for sale from the MIT Press; a downloadable instructor's manual is available to qualified instructors.

媒体推荐

This book describes a remarkable collection of basic and advanced tools for the analysis of discrete-time dynamical systems, both deterministic and stochastic, that have been usefully applied to the study of economic dynamic models. Mathematical Reviews

作者简介

Jianjun Miao is Professor of Economics at Boston University.

网友对Economic Dynamics in Discrete Time的评论

I think this book should become a standard reference for any Economics graduate student. It offers a complete and clear overview of the classical tools for studying economic dynamics and dynamic economic behavior. Every graduate student in Economics should be familiar with the topics covered in the book. In comparison with competitive graduate macroeconomic textbooks, the book by Miao contains the most recent applications which makes the book unique because constitutes an up-to-date exposition of of dynamic methods used in macroeconomics. The current state of macroeconomics suggests it is not clear what are the core topics in macroeconomics that should be taught in first-year courses of a Economics PhD program which also agrees with the evidence that each graduate school teaches different topics in first-year core courses in Macroeconomics. Therefore, the attractive feature of this textbook is that it provides a careful treatment of many must-to-known topics in economic dynamics which are sparsely taught in different graduate schools. The strength of the book is to present topics in an intuitive and rigorous way. Because of the before mentioned problem, often in the first-year core macro classes there is no well-established connections between courses and therefore students are exposed to a bunch of topics without having a general picture in mind. This may result in confusing students. Relying on Miao's book as a reference for first-year classes would enable to organize courses in a logical manner and students may benefit the possibility of having a good reference valid for most part of the topics. For instance, chapters 1 and 2 (deterministic and stochastic difference equations), Chapter 13 (Complete markets Exchange Economies), Chapter 14 (Neoclassical Growth Models), Chapter 16 (Overlapping Generations Models), Chapter 17 (Incomplete Markets) and Chapter 19 (New Keynesian Models) all contain materials usually taught in the first year and students may find it useful to consult this book.
Another remarkable advantage of this book is that it accompanies each topic with numerical applications which thus allow students to learn numerical methods. This feature of the book is not shared by other competitive mainstream textbook which often do not include any numerical applications.
In addition, this book includes more advanced tools such as Markov Processes, Ergodic Theory, Dynamic Programming and Linear Quadratic Models among others. Thus, it may be useful also for high-level Economics PhD students and researcher.

Very intuitive, and et brings up great mathematical framework. A good alternative boo to stud whenever Recursive Macroeconomics from Sargent and Lars is recommended

It basically covers all the discrete-time things that a graduate coursework needs

Nice seller.....great price

This book is all you need to solve a wide range of dynamic models analytically and numerically with so many useful examples. In addition, with its exposition of Dynare, the book makes solving and estimating DSGE models become very easy, even for those who are new to numerical methods. A must-have book for the study of economic dynamics. Highly recommended.

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