Recursive Methods in Economic Dynamics First Edition by Nancy L. Stokey (Author), Robert E. Lucas Jr. (Author), Edward C. Prescott October 10, 1989 "Recursive Methods in Economic Dynamics" is a subject primarily focused on advanced mathematical and computational techniques used in economic modeling and analysis. This field applies recursive functions and iterative processes to solve dynamic economic models involving intertemporal choices, optimization problems, and economic decision-making over time. Subjects covered within "Recursive Methods in Economic Dynamics" may include: 1. Dynamic Programming: Techniques for solving multi-period decision problems by breaking them down into smaller, more manageable parts. 2. Bellman Equations: Mathematical formulations used to solve dynamic optimization problems, particularly in sequential decision-making processes. 3. Euler Equations: Equations that express the intertemporal trade-offs between consumption and saving decisions over time. 4. State-Space Models: Representation of dynamic systems in terms of states, transitions, and controls, often used in economic forecasting and policy analysis. 5. Computational Techniques: Application of numerical methods and algorithms to solve complex economic models efficiently, such as value function iteration or simulation methods. 6. Applications in Macroeconomics and Microeconomics: Practical applications of recursive methods in various economic models, including growth theory, asset pricing, optimal taxation, and more. #Economics #RobertLucas #PlainfieldNJ https://a.co/d/eGclqHw
