Background
Sargent, Thomas John was born on July 19, 1943 in Pasadena, California, United States. Son of Charles Robert and Helen Alma (Drucker) Sargent.
( Recursive methods offer a powerful approach for charact...)
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.
http://www.amazon.com/gp/product/0262018748/?tag=2022091-20
("Macroeconomic Theory", in its first edition, was widely ...)
"Macroeconomic Theory", in its first edition, was widely adopted for use as a graduate text; this updated and expanded version should find even greater popularity as a text and as a research reference. It has been substantially revised to include three entirely new chapters: The Consumption Function, Government Debt and Taxes, and Dynamic Optimal Taxation. Significant additions have been made to three of the original chapters dealing with difference equations, stochastic difference equations, and investment under uncertainty.
http://www.amazon.com/gp/product/0126197512/?tag=2022091-20
( Recursive methods offer a powerful approach for charact...)
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.
http://www.amazon.com/gp/product/026212274X/?tag=2022091-20
( The tasks of macroeconomics are to interpret observati...)
The tasks of macroeconomics are to interpret observations on economic aggregates in terms of the motivations and constraints of economic agents and to predict the consequences of alternative hypothetical ways of administering government economic policy. General equilibrium models form a convenient context for analyzing such alternative government policies. In the past ten years, the strengths of general equilibrium models and the corresponding deficiencies of Keynesian and monetarist models of the 1960s have induced macroeconomists to begin applying general equilibrium models. This book describes some general equilibrium models that are dynamic, that have been built to help interpret time-series of observations of economic aggregates and to predict the consequences of alternative government interventions. The first part of the book describes dynamic programming, search theory, and real dynamic capital pricing models. Among the applications are stochastic optimal growth models, matching models, arbitrage pricing theories, and theories of interest rates, stock prices, and options. The remaining parts of the book are devoted to issues in monetary theory; currency-in-utility-function models, cash-in-advance models, Townsend turnpike models, and overlapping generations models are all used to study a set of common issues. By putting these models to work on concrete problems in exercises offered throughout the text, Sargent provides insights into the strengths and weaknesses of these models of money. An appendix on functional analysis shows the unity that underlies the mathematics used in disparate areas of rational expectations economics. This book on dynamic equilibrium macroeconomics is suitable for graduate-level courses; a companion book, Exercises in Dynamic Macroeconomic Theory, provides answers to the exercises and is also available from Harvard University Press.
http://www.amazon.com/gp/product/0674218779/?tag=2022091-20
(This book is a companion volume to Dynamic Macroeconomic ...)
This book is a companion volume to Dynamic Macroeconomic Theory by Thomas J. Sargent. It provides scrimmages in dynamic macroeconomic theory--precisely the kind of drills that people will need in order to learn the techniques of dynamic programming and its applications to economics. By doing these exercises, the reader can acquire the ability to put the theory to work in a variety of new situations, build technical skill, gain experience in fruitful ways of setting up problems, and learn to distinguish cases in which problems are well posed from cases in which they are not. The basic framework provided by variants of a dynamic general equilibrium model is used to analyze problems in macroeconomics and monetary economics. An equilibrium model provides a mapping from parameters of preferences, technologies, endowments, and "rules of the game" to a probability model for time series. The rigor of the logical connections between theory and observations that the mapping provides is an attractive feature of dynamic equilibrium, or "rational expectations," models. This book gives repeated and varied practice in constructing and interpreting this mapping.
http://www.amazon.com/gp/product/0674274768/?tag=2022091-20
(How do people behave in new situations in which previous ...)
How do people behave in new situations in which previous experience is not useful? The recent changes in Eastern Europe, for example, are unprecedented and there is not an available model on which to base the mechanisms that will govern the economics in this region. The concept of "bounded (or limited) rationality" is being developed to analyze behavior in such situations. In this book Thomas Sargent describes and interprets the recent work in the area, especially in statistics, econometrics, networks and artificial intelligence. He focuses on examples designed to illustrate the issues involved and the kinds of questions that are being asked and answered in this research. He points to further potential positive developments of the theory as well as some of its limitations.
http://www.amazon.com/gp/product/0198288697/?tag=2022091-20
(Focusing on a new development in economic theory which in...)
Focusing on a new development in economic theory which involves bounded or limited rationality, the author describes two laboratory experiments that test versions of his macroeconomic models. He analyzes some promising applications of the methods surveyed, as well as their limitations.
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( In the past fifteen years, inflation has been conquered...)
In the past fifteen years, inflation has been conquered by many advanced countries. History reveals, however, that it has been conquered before and returned. In The Conquest of American Inflation, Thomas J. Sargent presents a groundbreaking analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation. Sargent begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips curve--the inverse relationship between inflation and unemployment. In subsequent chapters, he connects a sequence of ideas--self-confirming equilibria, least-squares and other adaptive or recursive learning algorithms, convergence of least-squares learners with self-confirming equilibria, and recurrent dynamics along escape routes from self-confirming equilibria. Sargent synthesizes results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, and he compellingly describes postwar inflation in terms of drifting coefficients. He interprets his results in favor of adaptive expectations as the relevant mechanism affecting inflation policy. Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.
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(The Conquest of American Inflation. by Sargent, Thomas J....)
The Conquest of American Inflation. by Sargent, Thomas J. [Princeton Universi...
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(In Energy, Foresight, and Strategy, Thomas Sargent and hi...)
In Energy, Foresight, and Strategy, Thomas Sargent and his collaborators have produced a highly rigorous treatment of 'rational expectations' theory and its application to the study of energy markets. These six essays use dynamic games to study a variety of issues important to analysts and decisionmakers in the energy field.
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(At the core of the rational expectations revolution is th...)
At the core of the rational expectations revolution is the insight that economic policy does not operate independently of economic agents' knowledge of that policy and their expectations of the effects of that policy. This means that there are very complicated feedback relationships existing between policy and the behaviour of economic agents, and these relationships pose very difficult problems in econometrics when one tries to exploit the rational expectations insight in formal economic modelling. This volume consists of work by two rational expectations pioneers dealing with the "nuts and bolts" problems of modelling the complications introduced by rational expectations. Each paper deals with aspects of the problem of making inferences about parameters of a dynamic economic model on the basis of time series observations. Each exploits restrictions on an econometric model imposed by the hypothesis that agents within the model have rational expectations.
http://www.amazon.com/gp/product/0813378001/?tag=2022091-20
( The standard theory of decision making under uncertaint...)
The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. This assumes that the decision maker trusts the model completely. But what should a decision maker do if the model cannot be trusted? Lars Hansen and Thomas Sargent, two leading macroeconomists, push the field forward as they set about answering this question. They adapt robust control techniques and apply them to economics. By using this theory to let decision makers acknowledge misspecification in economic modeling, the authors develop applications to a variety of problems in dynamic macroeconomics. Technical, rigorous, and self-contained, this book will be useful for macroeconomists who seek to improve the robustness of decision-making processes.
http://www.amazon.com/gp/product/0691114420/?tag=2022091-20
( The Big Problem of Small Change offers the first credi...)
The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and François Velde, examine the evolution of Western European economies through the lens of one of the classic problems of monetary history--the recurring scarcity and depreciation of small change. Through penetrating and clearly worded analysis, they tell the story of how monetary technologies, doctrines, and practices evolved from 1300 to 1850; of how the "standard formula" was devised to address an age-old dilemma without causing inflation. One big problem had long plagued commodity money (that is, money literally worth its weight in gold): governments were hard-pressed to provide a steady supply of small change because of its high costs of production. The ensuing shortages hampered trade and, paradoxically, resulted in inflation and depreciation of small change. After centuries of technological progress that limited counterfeiting, in the nineteenth century governments replaced the small change in use until then with fiat money (money not literally equal to the value claimed for it)--ensuring a secure flow of small change. But this was not all. By solving this problem, suggest Sargent and Velde, modern European states laid the intellectual and practical basis for the diverse forms of money that make the world go round today. This keenly argued, richly imaginative, and attractively illustrated study presents a comprehensive history and theory of small change. The authors skillfully convey the intuition that underlies their rigorous analysis. All those intrigued by monetary history will recognize this book for the standard that it is.
http://www.amazon.com/gp/product/0691116350/?tag=2022091-20
(The Big Problem of Small Change by Sargent, Thomas J., Ve...)
The Big Problem of Small Change by Sargent, Thomas J., Velde, François R. [Pr...
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( The long-term governance of radioactive waste continues...)
The long-term governance of radioactive waste continues to be a major complex and unresolved socio-technical issue. Previous technocratic approaches have so far failed. This empirically based study provides a novel approach to complementing technical expertise and economic/political power with stakeholder involvement. Inclusive participation is shown to be an asset that strengthens the processes, enhances robustness and facilitates sustainable decision making, thus adding value for all involved.
http://www.amazon.com/gp/product/1402034806/?tag=2022091-20
( The long-term governance of radioactive waste continues...)
The long-term governance of radioactive waste continues to be a major complex and unresolved socio-technical issue. Previous technocratic approaches have so far failed. This empirically based study provides a novel approach to complementing technical expertise and economic/political power with stakeholder involvement. Inclusive participation is shown to be an asset that strengthens the processes, enhances robustness and facilitates sustainable decision making, thus adding value for all involved.
http://www.amazon.com/gp/product/1402034806/?tag=2022091-20
( This book integrates key tools and processes into a com...)
This book integrates key tools and processes into a comprehensive program for developing more robust and reliable technology-based products. Drawing on their extensive product development experience, the authors present a complete process for ensuring product performance throughout the entire lifecycle, from understanding customers’ needs through manufacturing and post-launch support. The authors begin by presenting broad insights and high-level strategies for improving product quality. Next, they demonstrate how to implement robustness and reliability strategies that complement existing governance and decision processes. A section on tools and methods shows how to institutionalize best practices and apply them consistently. Finally, they tie strategies, decisions, and methods together through a case study project. Product developers will learn how to • Understand critical drivers of value in technology products, including reliability and durability • Implement a process model and roadmap for improving reliability and robustness • Increase robustness early in development, leading to shorter cycle times in later phases • Improve the stability of production performance under stress conditions • Assess both organizational and process capabilities for delivering robust and reliable products • Understand and manage customer-driven requirements • Use tools including descriptive and inferential statistics and DOE-based empirical models Managers will understand expectations for • Design concepts supported by rigorous analyses of alternatives • Products and processes delivering higher value to customers • Products with higher reliability and longer useful lives • Product processes with lower costs and higher capabilities • Development projects having shorter, more predictable cycle times Readers are introduced to many thought leaders whose writings can be sources of further learning. This book is a valuable resource for anyone responsible for delivering reliable, profitable technology products, including general managers, program managers, engineers, scientists, and reliability and quality professionals.
http://www.amazon.com/gp/product/0133807436/?tag=2022091-20
(Mainstream neoclassical economics tells us that money is ...)
Mainstream neoclassical economics tells us that money is essentially a commodity, has no other social meanings or consequences, and (therefore) exists only as a medium of exchange to lubricate/facilitate barter. This book takes the view that money is definitively a social relation between private persons or legal persons. As such, it is one of the main building blocks of the complex structure of social relations of capitalism itself.
http://www.amazon.com/gp/product/0415197740/?tag=2022091-20
(Robustness is the ability to survive unforeseen circumsta...)
Robustness is the ability to survive unforeseen circumstances without undue damage or loss of function. It has become a requirement expressed in modern building codes, mostly without much advice as to how it can be achieved. Engineering has developed some approaches based on traditional practice as well as recent insight. However, knowledge about robustness remains scattered and ambiguous, making it difficult to apply to many specific cases. The authors' attempt to collect and review elements, methods and strategies toward structural robustness, using a holistic, almost philosophical approach. This leads to a set of considerations to guide selection and implementation of measures in specific cases, followed by a collection of applications and examples from the authors practice. The world, engineering and construction are imperfect and not entirely predictable. Robustness provides a measure of structural safety beyond traditional codified design rules.
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(Systematically structured and written in the clear, acces...)
Systematically structured and written in the clear, accessible language that has made Professor Taylor one of the world's leading teachers of economics, the constant focus of the second edition of Macroeconomics is on student understanding. Taylor's approach to macroeconomics has been emulated by other educators. Aust author.
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Sargent, Thomas John was born on July 19, 1943 in Pasadena, California, United States. Son of Charles Robert and Helen Alma (Drucker) Sargent.
Bachelor, University California-Berkeley, 1964. Doctor of Philosophy, Harvard University, 1968. Doctorate in economics (honorary), Stockholm School Economics, 2003.
Doctorate in economics (honorary), European University Institute, 2008.
Research associate Carnegie Institute of Technology, Pittsburgh, 1967—1968. Associate professor economics University Pennsylvania, Philadelphia, 1970-1971, University Minnesota, Minneapolis, 1971—1975, professor economics, 1971—1975. Senior fellow Hoover Institution Stanford University, California, since 1987, Donald Lucas professor economics, 1998—2002.
David Rockefeller professor economics University Chicago, 1991—1998. Berkeley professor economics and business New York University, New York City, since 2002. Researcher National Bureau Economic Research, 1969—1973, since 1979.
Advisor Federal Reserve Bank, Minneapolis, 1971—1987. Member Brookings Panel on Economic Activity, 1973. Ford Foundation visiting research professor economics University Chicago, 1976—1977.
Visiting professor economics Harvard University, Cambridge, Massachusetts, 1981—1982. Visiting scholar Stanford University Hoover Institution, 1985—1987.
(How do people behave in new situations in which previous ...)
( The tasks of macroeconomics are to interpret observati...)
(Systematically structured and written in the clear, acces...)
(At the core of the rational expectations revolution is th...)
(Mainstream neoclassical economics tells us that money is ...)
("Macroeconomic Theory", in its first edition, was widely ...)
(In Energy, Foresight, and Strategy, Thomas Sargent and hi...)
( The standard theory of decision making under uncertaint...)
(Focusing on a new development in economic theory which in...)
( The Big Problem of Small Change offers the first credi...)
( This book integrates key tools and processes into a com...)
( Recursive methods offer a powerful approach for charact...)
( Recursive methods offer a powerful approach for charact...)
( The long-term governance of radioactive waste continues...)
( The long-term governance of radioactive waste continues...)
(Robustness is the ability to survive unforeseen circumsta...)
( In the past fifteen years, inflation has been conquered...)
(This book is a companion volume to Dynamic Macroeconomic ...)
(The Big Problem of Small Change by Sargent, Thomas J., Ve...)
(The Conquest of American Inflation. by Sargent, Thomas J....)
(1)
Author: Macroeconomic Theory, 1979, Dynamic Macroeconomic Theory, 1987, Bounded Rationality in Macroeconomics, 1993, The Conquest of American Inflation, 1999. Co-editor: (with R. Lucas) Rational Expectations and Econometric Practice, 1981. Editor: Energy, Foresight and Strategy, 1985.Co-author: (with R. Manuelli) Exercises in Dynamic Macroeconmic Theory, 1987, (with L. Hansen) Rational Expectations Econometrics, 1991, Robustness, 2008, (with F. Velde) The Big Problem of Small Change, 2002, (with L. Ljungqvist) Recursive Macroeconomic Theory, second edition, 2004. Contributor articles to professional journals.
Fellow Econometric Society (council member 1987-1992, 1995-1999, Second vice president 2003, 1st vice president 2004, president 2005), National Academy of Sciences, American Academy Arts and Sciences. Member American Economic Association (member executive committee 1986-1988, vice president 2000-2001, president-elect 2004, president 2007), Society Economic Dynamics and Control (president 1989-1992), Phi Beta Kappa.
Married Judith Leslie Tam, September 3, 1964 (div. April 1982); children: Robert John, Judy Tam, Anne Catherine.