The book offers a thorough analysis of U.S. inflation trends since 1960, exploring two main theories: the natural-rate hypothesis with the Lucas critique and a traditional econometric approach enhanced by adaptive expectations. Sargent aims to identify which explanation more accurately accounts for inflation and unemployment dynamics, while also documenting the underlying economic forces that drive inflation. His work serves as a valuable resource for understanding historical inflation patterns and their implications for future economic policy.
The book explores critical issues surrounding inflation, particularly in the context of large deficits in the United States and Europe. It addresses the potential implications for the European currency union and the broader economic landscape. Featuring groundbreaking theoretical insights and compelling case studies, it serves as an essential resource for understanding contemporary economic challenges and policy decisions related to inflation. The work remains influential for both researchers and policymakers navigating these complex topics.
Macroeconomic Theory, in its first edition, was widely adopted for use as a graduate text; this updated and expanded version should find even greater popularity as a text and as a research reference. It has been substantially revised to include three entirely new chapters: The Consumption Function, Government Debt and Taxes, and Dynamic Optimal Taxation. Significant additions have been made to three of the original chapters dealing with difference equations, stochastic difference equations, and investment under uncertainty. Key Features * This book has been substantially revised to include three entirely new chapters on consumption, government debt and taxes, and dynamic optimal taxation * Significant additions have been made to three of the original chapters dealing with difference equations, stochastic difference equations, and investment under uncertainty
The book explores the challenges faced by decision makers when they cannot fully trust their statistical models in uncertain situations. It questions the conventional approach of relying solely on these models and examines alternative strategies for making decisions. By addressing the limitations of standard decision-making theories, the author provides insights into navigating uncertainty, emphasizing the importance of critical thinking and adaptability in the face of unreliable data.
A guide to the economic modeling of household preferences, from two leaders in the fieldA common set of mathematical tools underlies dynamic optimization, dynamic estimation, and filtering. In Recursive Models of Dynamic Linear Economies, 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.Hansen 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.
Describes the general equilibrium models that have been built to help interpret time series observations of economic aggregates and predicts the consequence of alternative government interventions
Jeszcze sto lat temu niewielu przewidziałoby, jakimi pieniędzmi będziemy się
posługiwać obecnie. (…) Definicja, w której przyjmuje się, że dolar to pewna
ilość złota, przeszła do historii i została zapomniana. (…) Obecnie wszystkie
nasze pieniądze, nie tylko drobne, są już żetonami, wymienialnymi wyłącznie na
inne żetony. Książa ta poświęcona jest „wielkiemu problemowi drobniaków”.
Wyjaśniamy w niej, na czym polegał problem, jak go rozwiązano i dlaczego
zajęło to tak wiele czasu, a także opisujemy, czego w trakcie tego procesu
nauczono się o innych zagadnieniach monetarnych i fiskalnych. Z wprowadzenia
