Recursive Models of Dynamic Linear Economies

This book views many apparently disparate dynamic economic models as examples of a single class of models that can be adapted and specialized to study diverse economic phenomena. The class of models was created by using recent advances in (i) the theory of recursive dynamic competitive economies;...

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Những tác giả chính: Hansen, L., Sargent, T.J.
Định dạng: Sách
Ngôn ngữ:English
Được phát hành: Draft 2012
Những chủ đề:
Truy cập trực tuyến:http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/30561
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Tóm tắt:This book views many apparently disparate dynamic economic models as examples of a single class of models that can be adapted and specialized to study diverse economic phenomena. The class of models was created by using recent advances in (i) the theory of recursive dynamic competitive economies; 1 (ii) methods for estimating and interpreting vector autoregression;2 (iii) linear optimal control theory;3 and (iv) computer languages for rapidly manipulating linear optimal control systems.4 We combine these elements to build a class of models for which the competitive equilibria are vector autoregressions that can be swiftly computed, represented, and simulated using the methods of linear optimal control theory. We use the computer language MATLAB to implement the computations. This language has a powerful vocabulary and a convenient structure that liberate time and energy from programming, and thereby spur creative application of linear control theory.