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. The second edition contains substantial                  revisions to about half the original material, and extensive additional coverage                  appears in seven chapters new to this edition. The updated and added material covers                  exciting new topics that further illustrate the power and pervasiveness of recursive                  methods.Significant improvements to original chapters include a better treatment of                  the existence of recursive equilibria, an enhanced account of the supermartingale                  convergence theorem, and an extended treatment of an optimal taxation problem in an                  economy in which there are incomplete markets. Completely new coverage in the second                  edition includes an introductory chapter, which gives an overview of the themes                  uniting the diverse topics treated throughout the book. Two new chapters offer a                  self-contained account of the optimal growth model and some of its basic                  applications in macroeconomics and public finance. Other new chapters cover such                  topics as how to formulate and compute Stackelberg or Ramsey plans in linear                  economies, sustainable risk-sharing equilibria without commitment, and the                  application of recursive contracts to topics in international trade. Most chapters                  conclude with exercises and the book includes two technical appendixes covering                  functional analysis and control and filtering.

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