![]() ![]() The second new chapter explores the mechanics of matching models and identifies a common channel through which productivity shocks are magnified across a variety of matching models. These insights are used in other chapters to simplify recursive formulations of Ramsey plans and credible government policies. One new chapter applies the recursive approach to Ramsey taxation and sharply characterizes the time inconsistency of optimal policies. This fourth edition features two new chapters and substantial revisions to other chapters that demonstrate the power of recursive methods. Only practice in solving diverse problems fully conveys the advantages of the recursive approach, so the book provides many applications. Recursive Macroeconomic Theory offers both an introduction to recursive methods and more advanced material. Recursive methods provide powerful ways to pose and solve problems in dynamic macroeconomics. The substantially revised fourth edition of a widely used text, offering both an introduction to recursive methods and advanced material, mixing tools and sample applications.
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