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Title: Recursive Methods in Economic Dynamics by Nancy L. Stokey, Lucas Robert E., Edward C. Prescott, Robert E., Jr. Lucas ISBN: 0-674-75096-9 Publisher: Harvard Univ Pr Pub. Date: November, 1989 Format: Hardcover Volumes: 1 List Price(USD): $62.00 |
Average Customer Rating: 3.38 (13 reviews)
Rating: 5
Summary: Essential for doing modern macroeconomics
Comment: If you want to do modern dynamic models of macroeconomics, and need the basic tools, this is an essential part of the toolkit. The book has been out for a while, and there have been developments in the field that probably need to be in the next edition. But it does present the basics of what could be described as the CarnegieMellon-Minnesota-Chicago approach to modern dynamic macroeconomics developed by Lucas and Prescott in the early seventies, the work that led to the Rational Expectations Revolution and current work in Real Business Cycle Theory. This is what you need to read papers in Econometrica or the Journal of Economic Theory. This is a standard graduate macroeconomics text. Some reviewers have criticized it without fully understanding the objectives of the authors. For instance, read Chapter 5, with its careful, and explicit examples of how to use these methods in constructing simple and parsimonious models. Yes, some of it is a rehash of standard theorems in dynamic programming, and measure theory, and so on, but the goal was to provide these in one location, so that you don't have to learn these by digging through the appendices of Bob Lucas' papers, or the first 100 pages of Dunford and Schwarz's Linear Operators or Halmos, or the Annals of Mathematical Statistics where Blackwell published the results that are now used.
I would recommend Sargent's books as an useful accompaniment, and also perhaps the Exercises by Sargent and Manuelli.
Rating: 5
Summary: Classic Textbook on Mathematics for Economists
Comment: Let's get three things straight. This book is (1) a textbook, (2) in mathematical techniques, and (3) aimed at economists. As a textbook, it contains a large number of exercises with which students can test their understanding. As it is written for economists, it is not as rigorous as a mathematics text, but is pitched at a level of rigor appropriate for an economics graduate program at a school like Chicago. As it is a mathematics text, it does not emphasize the economics underlying the problems.
Given this, I think the book does a wonderful job. It is beautifully intuitive, illustrated with lots of examples, and is just rigorous enough to provide the grounding necessary to go on to more advanced mathematics texts.
And for those who want a solutions manual, one is on the way ... Harvard University Press expects to release one some time in 2002. Early drafts are available from the authors: Irigoyen, Rossi-Hansberg and Wright, who are all graduate students at Chicago....
Rating: 5
Summary: not a "textbook" on macro...
Comment: This is basically a handbook of mathematical methods necessary to study dynamic economic modells. As such it does a very good job, since as the authors note, just presenting the applications without developing the necessary mathematics would require the reader to keep quite a few math books alongside to keep going at an acceptable pace. It should be clear that the applications developed in this book are idiosyncratic (Carnegie-Mellon/Chicago/Minnesota school).
The book certainly doesn't work too well in a first year graduate Macro course, for that it is simply too terse. That a lot of material is left to the exercises certainly has to do with the fact that the book is already quite thick. In general this is going to be a textbook for a course and won't be used for self-study. Therefore i don't think that missing solutions to exercises are too much of a problem.
I think the book is useful for someone with an "ok" math backround, who has not yet had the chance to study dynamic programming, measure theory and lesbesque integration etc. and who wants to go beyond the typical first year macro stuff. If you have a strong math backround this book is rather unnecessary, save maybe the chapters on applications. I give the book 5 stars as a mathematical compendium, as a macro textbook (which the authors to not claim to have produced) it should get less.
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Title: Solutions Manual for Recursive Methods in Economic Dynamics by Claudio Irigoyen, Esteban Rossi-Hansberg, Mark L. J. Wright ISBN: 067400888X Publisher: Harvard Univ Pr Pub. Date: January, 2003 List Price(USD): $42.00 |
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Title: Recursive Macroeconomic Theory by Lars Ljungqvist, Thomas J. Sargent ISBN: 0262194511 Publisher: MIT Press Pub. Date: 21 August, 2000 List Price(USD): $65.00 |
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Title: Econometric Analysis by William H. Greene, William H Greene ISBN: 0130661899 Publisher: Prentice Hall Pub. Date: 22 August, 2002 List Price(USD): $130.00 |
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Title: A First Course in Optimization Theory by Rangarajan K. Sundaram ISBN: 0521497701 Publisher: Cambridge University Press Pub. Date: 13 June, 1996 List Price(USD): $35.00 |
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Title: Exercises in Dynamic Macroeconomic Theory by Rodolfo E. Manuelli, Thomas J. Sargent ISBN: 0674274768 Publisher: Harvard Univ Pr Pub. Date: December, 1987 List Price(USD): $33.50 |
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