{"product_id":"recursive-models-of-dynamic-linear-economies-by-thomas-j-sargent-9780691180731","title":"Recursive Models of Dynamic Linear Economies","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003eA guide to the economic modelling of household preferences from two leaders in the field. A common set of mathematical tools underlies dynamic optimisation, dynamic estimation, and filtering. In \u003cem\u003eRecursive Models of Dynamic Linear Economies\u003c\/em\u003e, Lars Peter Hansen and Thomas Sargent use these tools to create a class of econometrically tractable models of prices and quantities. They present examples from microeconomics, macroeconomics, and asset pricing.\u003c\/p\u003e\n\n\u003cp\u003eThe models are cast in terms of a representative consumer. While Hansen and Sargent demonstrate the analytical benefits acquired when an analysis with a representative consumer is possible, they also characterise the restrictiveness of assumptions under which a representative household justifies a purely aggregative analysis.\u003c\/p\u003e\n\n\u003cp\u003eHansen and Sargent unite economic theory with a workable econometrics while going beyond and beneath demand and supply curves for dynamic economies. They construct and apply competitive equilibria for a class of linear-quadratic-Gaussian dynamic economies with complete markets. Their book, based on the 2012 Gorman lectures, stresses heterogeneity, aggregation, and how a common structure unites what superficially appear to be diverse applications.\u003c\/p\u003e\n\n\u003cp\u003eAn appendix describes MATLAB programs that apply to the book's calculations.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Hachette Aotearoa New Zealand","offers":[{"title":"Default Title","offer_id":47597754122476,"sku":"9780691180731","price":96.0,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/dc2a9cf560149619cbc0ab0e16db296c.jpg?v=1778028066","url":"https:\/\/bookhero.co.nz\/products\/recursive-models-of-dynamic-linear-economies-by-thomas-j-sargent-9780691180731","provider":"Book Hero","version":"1.0","type":"link"}