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""Just as macroeconomic models describe the overall economy within a changing or dynamic, framework, the models themselves change over time. In this text Stephen J. Turnovsky reviews several early models as well as a representation of more recent models. They include traditional (backward-looking) models, linear rational expectations (future-looking) models, intertemporal optimization models, endogenous growth models, and continuous-time stochastic models. The author uses examples from both closed and open economies."--BOOK JACKET."

"Recursive methods offer a powerful approach for characterizing and solving complicated problems in dynamic macroeconomics. Recursive Macroeconomic Theory provides both an introduction to recursive methods and advanced material, mixing tools and sample applications. Only experience in solving practical problems fully conveys the power of the recursive approach, and the book provides many applications. This third edition offers substantial new material, with three entirely new chapters and significant revisions to others. The new content reflects recent developments in the field, further illustrating the power and pervasiveness of recursive methods. New chapters cover asset pricing empirics with possible resolutions to puzzles; analysis of credible government policy that entails state variables other than reputation; and foundations of aggregate labor supply with time averaging replacing employment lotteries. Other new material includes a multi-country analysis of taxation in a growth model, elaborations of the fiscal theory of the price level, and age externalities in a matching model. The book is suitable for both first- and second-year graduate courses in macroeconomics and monetary economics. Most chapters conclude with exercises. Many exercises and examples use Matlab programs, which are cited in a special index at the end of the book."

"This volume offers a novel, highly mathematical approach to the solution of very realistic economy control problems. It presents strong examples of the application of mathematical modeling, advanced control theory, and model-based decision making that could be adopted by researchers and graduate students. ;"

"Contains the topics and examples of the bestselling hardback text, and free access to Hibbeler's Onekey course where instructors select and post assignments. This book is for introductory statics and dynamics courses found in mechanical engineering, civil engineering, aeronautical engineering, and engineering mechanics departments."