by Lars Ljungqvist, Thomas J. Sargent
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Product Description
Recursive methods offer a powerful approach for characterizing and solving complicated problems in dynamic macroeconomics. Recursive Macroeconomic Theory provides both an introduction to recursive methods and advanced material, mixing tools and sample applications. The second edition contains substantial revisions to about half the original material, and extensive additional coverage appears in seven chapters new to this edition. The updated and added material covers exciting new topics that further illustrate the power and pervasiveness of recursive methods.
Significant improvements to original chapters include a better treatment of the existence of recursive equilibria, an enhanced account of the supermartingale convergence theorem, and an extended treatment of an optimal taxation problem in an economy in which there are incomplete markets. Completely new coverage in the second edition includes an introductory chapter, which gives an overview of the themes uniting the diverse topics treated throughout the book. Two new chapters offer a self-contained account of the optimal growth model and some of its basic applications in macroeconomics and public finance. Other new chapters cover such topics as how to formulate and compute Stackelberg or Ramsey plans in linear economies, sustainable risk-sharing equilibria without commitment, and the application of recursive contracts to topics in international trade. Most chapters conclude with exercises and the book includes two technical appendixes covering functional analysis and control and filtering.
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Average Customer Review:
16 of 23 people found the following review helpful:
 A book for Econometricians rather than Macroeconomists, 2004-10-29
The book is certainly written by distinguished people, but it seems to me that their focus in writting this book was more to exhibit mathematical methods to solve problems rather than discuss the problems themselves. Apparently the book is meant for training mathematical skills in dynamic programming, and prepare you for computer simulations of macroeconomic problems. But don't use it for understanding macroeconomics.
In general, the authors get into mathematical discussions that divert attention from the problem itself, and at the same time they don't explain why they are doing all these. Reading the book needs a lot of background knowledge and self-intuition. Apart from that some chapters are educational and fit for class work.
The first chapters cover mathematical basics about random process and Markov chains and estimation. They are the good chapters. The chapters on partial equilibrium, complete markets ad incomplete markets are also the ones that are noramlly used in class lectures. The book's coverage of consumption theory and economic growth is weak and insufficient. I would recommend Romer or Blanchard&Fisher book for that. The chapter on search and job matching is also simplistic and again not enough. In most of the chapters, technicality dominates concepts, so having a complementary textbook can be great help.
For one thing, the book has a lot of misprints and mistakes too, which seem to be fixed in the newer edition.
25 of 36 people found the following review helpful:
 get it free, 2004-05-17
This is a great book. But you can download the second addition free on Sargent's website, so I wouldn't recommend buying it.
3 of 28 people found the following review helpful:
Perfect book, 2003-09-12
This is a perfect book for three reasons; i) it is perfect for those who wish to learn modern macroeconomics. The book develops necessary knowledge and tools to be applied to dynamic economics, ii) Sargent is one of most prominent and leading macroeconomists of the world, and he should be Nobel prize winner in Economics, iii) the book is published by MIT.
6 of 45 people found the following review helpful:
 Not for beginners, 2003-04-01
When I recently left my job as cryer in a grim, north-eastern town, I was made the head of recursive macroeconomic theory at a major international bank. I could have done with a simpler introduction than this, to be honest, as my knowledge of RMT was limited. But now I hold my own in meetings simply by spouting a few long words from this book (mainly "macroeconomic" and "recursive" - theory doesn't seem to impress as much) and delegating to underlings.
27 of 31 people found the following review helpful:
Not the first book in Dynamic Macro, but excellent afterward, 2002-12-02
The first time i read the book, i'm sure this should not be the first text book for Dynamic Macroeconomics everyone should read. It's better to read somewhere else as an introduction to the idea of dynamic macroeconomics. Romer 'Advanced Macroeconomics' and Stokey, Lucas, Prescott 'Recursive Methods' are more appropriate to start. After gainning some similarity with Dynamic Methods, it would be much better to study models about macroeconomics presented in the book.This book is the presentations of various models using Dynamic / Recursive Macroeconomics. It makes them easier and time-saving to study many kinds of model in a semester. It's GOOD & HELPFUL IN THIS SENSE. However, it might not be a good book for study in depth. You are better to study from the original papers for the same topics. I think, this book is similar to Tirole 'Theory of Industrial Organization' in spirit, but different in content. They both show the simplified version of various models in the fields. If you think you like this style, you would like to have it. But if you don't, it might be better just to skim (from the library) and read the original papers. Hope this comment would be helpful for you to make a decision :)
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