{"product_id":"9781400848188","title":"Recursive Models of Dynamic Linear Economies","description":"\u003cp\u003eA common set of mathematical tools underlies dynamic optimization, dynamic estimation, and filtering. In \u003ci\u003eRecursive Models of Dynamic Linear Economies\u003c\/i\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. The 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 characterize the restrictiveness of assumptions under which a representative household justifies a purely aggregative analysis.\u003c\/p\u003e\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. An appendix describes MATLAB programs that apply to the book's calculations.\u003c\/p\u003e","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":47137729577200,"sku":"9781400848188","price":29.49,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9781400848188_p0.jpg?v=1763712610","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9781400848188","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}