Recursive Methods in Economic Dynamics First Edition

A (very) rare macroeconomics textbook that's rigorous, and excellently done on top of it. The presentation style is the same as to what you'd find in a math textbook but with a slower pace and very specific scope of treating microfoundations of macroeconomics.The one mathematical tool used is dynamic programming. The book is divided into three parts:1. Deterministic problems, e.g. a growth model with no shock in productivity.2. Stochastic problems, e.g. a growth model with Markovian shocks in productivity.3. Competitive equilibria and welfare theorems,I recommend some familiarity with elementary analysis:For part 1, The type of arguments used don't go beyond the level of, say, Rudin's undergrad text on analysis.Part 2 delves into a little measure theory but the author confine themselves to the bare bones, only what is needed to prove relevant results. The treatment is very gentle and self-contained. They define the Lebesgue integral against an arbitrary measure but does not construct the Lebesgue measure on the line (which takes some doing). Monotone class lemma, a single lemma in a real analysis book, is given its own section. Same goes for conditional expectation.Part 3 is about welfare theorems. Only very basic notions from functional analysis is used here. It's evident that a conscious decision was made to make the presentation as focused as possible. No unnecessary definitions and proofs, e.g. the notion of Banach spaces is not mentioned, Hanh-Banach theorem is only stated, analysis is only done on a normed vector space in the normed topology. In fact, the main result from Part 2, the stochastic Principle of Optimality, should be treated functional analytically. But this would require introducing extra notions and is not done in the book.

The book looks good. The jacket still looks good—the product is fitted for its price.

The book was delivered on time. With slight underling and not-so good quality paper, the book was great.

This book is an excellent choice for those who want to become familiar with the Real Analysis part of Mathematics that is needed in Economics. The chapters on Dynamic Programming (deterministic and stochastic) are very good. It is an essential book for someone who want to study Macroeconomics. Read this, before reading Sargent and Ljungqvist.

A must have if you are taking a PhD in Economics. A great book, with a lot (but not all) of good material for a basic Macro course.However, don't fool yourself thinking that one book will be enough for Macro. Differently from Micro, where we have Mas-Colell or Reny, there isn't a complete Macro textbook.

The text deserves five bright, glowing stars! Economists know the significance of this great book. However, great books deserve great bindings, and the binding on this printing of the book is far from great. It is certainly true that it is the content of the book that matters. But, given the book’s excellent and important content, most readers learning recursive dynamics from this book will end up spending hundreds of hours with it, and will treasure their copy of it throughout their lives. The attention to the quality of the binding should reflect this. If the publisher upgrades the binding, they should upgrade the paper as well so that keeping a copy for 50 years a reasonable proposition.

This book is very important for the clearity and the elegancy of the mathematic methods that the auctor uses for explicating the application to macroeconomy. From the measure theory we arrive at theorem of the fixed point and the finite difference equations. It is important also the duality betwwen production and consumption.

Good Book! Good delivery speed! Really enjoy the experience of reading it. This is a classic economic theory book. I suggest any economic graduate student should buy one.