Recursive Macroeconomic Theory Solution

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1、ExercisesinRecursiveMacroeconomicTheorypreliminaryandincompleteStijnVanNieuwerburghPierre-OlivierWeillLarsLjungqvistThomasJ.SargentIntroductionThisisa¯rstversionofthesolutionstotheexercisesinRecursiveMacroeco-nomicTherory,FirstEdition,2000,MITpress,byLarsLj

2、ungqvistandThomasJ.Sargent.Thissolutionmanuscriptiscurrentlyonlyavailableontheweb.Wein-vitethereadertobringtyposandothercorrectionstoourattention.Pleaseemailsargent@stanford.edu,poweill@stanford.eduorsvnieuwe@stanford.edu.Wewillregularlyupdatethismanuscript

3、duringthefollowingmonths.Somequestionsaskforcomputationsinmatlab.Theprogram¯lescanbedownloadedfromtheftpsitezia.stanford.edu/pub/sargent/rmtex.Theauthors,StanfordUniversity,March15,2003.ContentsIntroduction2ListofFigures5Chapter1.Timeseries7Chapter2.Dynamic

4、programming33Chapter3.Practicaldynamicprogramming37Chapter4.Linearquadraticdynamicprogramming43Chapter5.Search,matching,andunemployment55Chapter6.Recursive(partial)equilibrium83Chapter7.Competitiveequilibriumwithcompletemarkets95Chapter8.Overlappinggenerati

5、onmodels109Chapter9.Ricardianequivalence161Chapter10.Assetpricing163Chapter11.Economicgrowth175Chapter12.Optimaltaxationwithcommitment187Chapter13.Self-insurance201Chapter14.Incompletemarketsmodels211Chapter15.Optimalsocialinsurance223Chapter16.Crediblegove

6、rnmentpolicies257Chapter17.Fiscal-monetarytheoriesofin°ation267Chapter18.Creditandcurrency283Chapter19.Equilibriumsearchandmatching307Index3433ListofFigures1Exercise1.7a212Exercise1.7b223Exercise1.7c224Exercise1.7d235Exercise1.7e236Exercise1.7f247Exercise1.

7、7g241Exercise3.1:ValueFunctionIterationVSPolicyImprovement411Exercise4.5521Exercise8.11131Exercise10.1:Hansen-Jagannathanbounds1651Exercise13.22051Exercise14.2a2142Exercise14.2b2143Exercise14.2c2154Exercise14.5:Cross-sectionalMeanandDispersionofConsumptiona

8、ndAssets2211Exercise15.22262Exercise15.10a:ConsumptionDistribution2383Exercise15.10b:Consumption,PromisedUtility,Pro¯tsandBankBalanceinContractthatMaximizestheMoneyLender'sPro¯ts2394Exercise15.10c:Cons