Economic Dynamics in Discrete Time, second edition
A unified and comprehensive introduction to the analytical and numerical tools for solving dynamic economic problems; substantially revised for the second edition.

This book offers a unified, comprehensive, and up-to-date treatment of analytical and numerical tools for solving dynamic economic problems. The focus is on introducing recursive methods—an important part of every economist's set of tools—and readers will learn to apply recursive methods to a variety of dynamic economic problems. The book is notable for its combination of theoretical foundations and numerical methods. Each topic is first described in theoretical terms, with explicit definitions and rigorous proofs; numerical methods and computer codes to implement these methods follow. Drawing on the latest research, the book covers such cutting-edge topics as asset price bubbles, recursive utility, robust control, policy analysis in dynamic New Keynesian models with the zero lower bound on interest rates, and Bayesian estimation of dynamic stochastic general equilibrium (DSGE) models.

This second edition has been substantially updated. Responding to renewed interest in modeling with multiple equilibria, it incorporates new material on this topic throughout. It offers an entirely new chapter on deterministic nonlinear systems, and provides new material on such topics as linear planar systems, chaos, bifurcations, indeterminacy and sunspot solutions, pruning nonlinear solutions, the bandit problem, rational inattention models, bequests, self-fulfilling prophecies, the cyclical behavior of unemployment and vacancies, and the long-run risk model. The exposition of each chapter has been revised and improved, and many new figures, Matlab codes, and exercises have been added. A student solutions manual can be purchased separately.

1137255931
Economic Dynamics in Discrete Time, second edition
A unified and comprehensive introduction to the analytical and numerical tools for solving dynamic economic problems; substantially revised for the second edition.

This book offers a unified, comprehensive, and up-to-date treatment of analytical and numerical tools for solving dynamic economic problems. The focus is on introducing recursive methods—an important part of every economist's set of tools—and readers will learn to apply recursive methods to a variety of dynamic economic problems. The book is notable for its combination of theoretical foundations and numerical methods. Each topic is first described in theoretical terms, with explicit definitions and rigorous proofs; numerical methods and computer codes to implement these methods follow. Drawing on the latest research, the book covers such cutting-edge topics as asset price bubbles, recursive utility, robust control, policy analysis in dynamic New Keynesian models with the zero lower bound on interest rates, and Bayesian estimation of dynamic stochastic general equilibrium (DSGE) models.

This second edition has been substantially updated. Responding to renewed interest in modeling with multiple equilibria, it incorporates new material on this topic throughout. It offers an entirely new chapter on deterministic nonlinear systems, and provides new material on such topics as linear planar systems, chaos, bifurcations, indeterminacy and sunspot solutions, pruning nonlinear solutions, the bandit problem, rational inattention models, bequests, self-fulfilling prophecies, the cyclical behavior of unemployment and vacancies, and the long-run risk model. The exposition of each chapter has been revised and improved, and many new figures, Matlab codes, and exercises have been added. A student solutions manual can be purchased separately.

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Economic Dynamics in Discrete Time, second edition

Economic Dynamics in Discrete Time, second edition

by Jianjun Miao
Economic Dynamics in Discrete Time, second edition

Economic Dynamics in Discrete Time, second edition

by Jianjun Miao

Overview

A unified and comprehensive introduction to the analytical and numerical tools for solving dynamic economic problems; substantially revised for the second edition.

This book offers a unified, comprehensive, and up-to-date treatment of analytical and numerical tools for solving dynamic economic problems. The focus is on introducing recursive methods—an important part of every economist's set of tools—and readers will learn to apply recursive methods to a variety of dynamic economic problems. The book is notable for its combination of theoretical foundations and numerical methods. Each topic is first described in theoretical terms, with explicit definitions and rigorous proofs; numerical methods and computer codes to implement these methods follow. Drawing on the latest research, the book covers such cutting-edge topics as asset price bubbles, recursive utility, robust control, policy analysis in dynamic New Keynesian models with the zero lower bound on interest rates, and Bayesian estimation of dynamic stochastic general equilibrium (DSGE) models.

This second edition has been substantially updated. Responding to renewed interest in modeling with multiple equilibria, it incorporates new material on this topic throughout. It offers an entirely new chapter on deterministic nonlinear systems, and provides new material on such topics as linear planar systems, chaos, bifurcations, indeterminacy and sunspot solutions, pruning nonlinear solutions, the bandit problem, rational inattention models, bequests, self-fulfilling prophecies, the cyclical behavior of unemployment and vacancies, and the long-run risk model. The exposition of each chapter has been revised and improved, and many new figures, Matlab codes, and exercises have been added. A student solutions manual can be purchased separately.

Product Details

ISBN-13: 9780262043625
Publisher: MIT Press
Publication date: 03/03/2020
Series: The MIT Press
Edition description: second edition
Pages: 848
Product dimensions: 7.20(w) x 9.10(h) x 1.30(d)
Age Range: 18 Years

About the Author

Jianjun Miao is Professor of Economics at Boston University.

What People are Saying About This

Harald Uhlig

This book is a terrific and much-needed addition to the landscape of graduate textbooks on macroeconomics. It treats the core topic of dynamic stochastic general equilibrium models, spanning real business cycles all the way to New Keynesian models, and carefully detailing solution and estimation concepts and techniques. With its modern exposition of Dynare and the attention to numerical methods, the book is both encyclopedic as well as hands on. It will surely be in the hands of many graduate students as well as established colleagues for years to come.

Lars Peter Hansen

This book describes a remarkable and valuable collection of tools for the study of economic dynamics under uncertainty. Professor Miao explores the tractable formulation of stochastic models combined with methods for solving and analyzing such models. His book will be a valuable reference for researchers and students seeking a comprehensive treatment of important advances.

Vincenzo Quadrini

This book offers an invaluable service to the profession. No longer do students need multiple textbooks for graduate courses in macroeconomics. It is a much-needed graduate book that combines theory and application, both computational and empirical. The analysis is rigorous, yet highly accessible.

From the Publisher

This book describes a remarkable and valuable collection of tools for the study of economic dynamics under uncertainty. Professor Miao explores the tractable formulation of stochastic models combined with methods for solving and analyzing such models. His book will be a valuable reference for researchers and students seeking a comprehensive treatment of important advances.

— Lars Peter Hansen , 2013 Nobel Laureate, Economics

This book is a terrific and much-needed addition to the landscape of graduate textbooks on macroeconomics. It treats the core topic of dynamic stochastic general equilibrium models, spanning real business cycles all the way to New Keynesian models, and carefully detailing solution and estimation concepts and techniques. With its modern exposition of Dynare and the attention to numerical methods, the book is both encyclopedic as well as hands on. It will surely be in the hands of many graduate students as well as established colleagues for years to come.

— Harald Uhlig , Professor of Economics, University of Chicago

Jianjun Miao's book provides a clear and comprehensive introduction to the analytical and numerical methods that make up the language of modern macroeconomic theory. The mix of theory, applications, and examples renders it an excellent learning tool. It is bound to become a standard reference on the subject.

— Jordi Galí , Director of CREI and Professor of Economics, Universitat Pompeu Fabra

This book offers an invaluable service to the profession. No longer do students need multiple textbooks for graduate courses in macroeconomics. It is a much-needed graduate book that combines theory and application, both computational and empirical. The analysis is rigorous, yet highly accessible.

— Vincenzo Quadrini , Professor of Finance and Business Economics, Marshall School of Business, University of Southern California

Endorsement

This book offers an invaluable service to the profession. No longer do students need multiple textbooks for graduate courses in macroeconomics. It is a much-needed graduate book that combines theory and application, both computational and empirical. The analysis is rigorous, yet highly accessible.

—Vincenzo Quadrini, Professor of Finance and Business Economics, Marshall School of Business, University of Southern California

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