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The ABCs of RBCs: An Introduction to Dynamic Macroeconomic Models 3.1.2008 Edition

by George McCandless (Author)
4.9 out of 5 stars 10 customer reviews
ISBN-13: 978-0674028142
ISBN-10: 0674028147
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Product Details

  • Hardcover: 448 pages
  • Publisher: Harvard University Press; 3.1.2008 edition (March 31, 2008)
  • Language: English
  • ISBN-10: 0674028147
  • ISBN-13: 978-0674028142
  • Product Dimensions: 6 x 1 x 9.2 inches
  • Shipping Weight: 1.8 pounds (View shipping rates and policies)
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (10 customer reviews)
  • Amazon Best Sellers Rank: #706,117 in Books (See Top 100 in Books)

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Customer Reviews

Top Customer Reviews

5.0 out of 5 starsA must for anyone using DSGE models
By R. LEGRAND on April 5, 2011
Format: Hardcover
It is strange to see that this book remains unknown by most students and professors. It is clearly an excellent and pedagogical treatise on how to design DSGE model. If you don't know anything about DSGE models, but that you know that you HAVE TO learn somehow how to do the job, then this is the book you want. Among the techniques taught along the book, you will find:

-Bellman equations and resolutions of dynamic optimization problems
-log-linearization techniques, exposed in a way clearer maneer than what is usually presented in the litterature
-resolution of dynamic systems based on different methodologies (Blanchard-Kahn, undetermined coefficients, linear quadratic approximation)
-introduction of money in the model (cash-in-advance, money-in-utility)
-introduction of frictions in the model (price stickyness, wage stickyness)
-introduction of financial markets and monetary policy
-introduction of open economy features.

The book really is a masterpiece of pedagogy and nearly no details are missing. The author starts from the most basic model and progressively introduces more complex features. The book really takes you by the hand and teaches, step after steps, ALL the nasty and annoying techniques that you need so badly but that other textbooks usually skip. To my knowledge, this is one of the only (if not the only) book to do so. There are very few typos in the book.

Negative aspects of the book: very few. In my opinion, some important issues are tackled, but the coverage remains a bit too light. For example, open economy models are now massively used, but the book only offers a short chapter on the topic.Read more ›
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5.0 out of 5 starsReview on The ABCs of RBCs
By ASC on December 28, 2012
Format: Hardcover
This is a surprisingly little known but excellent book. If you are a beginner in DSGE models, this is the book you need.

pros:
1. Extremely self-contained.
2. Starts at a very basic level and builds up on it.
3. All steps are clearly mentioned. Where there is hand-waving, the author clearly mentions why he does so. Many Matlab codes are given to replicate the results/graphs.
4. What is most important is that it solves ALL models in the same structure. Before reading this book, I was kind of confused because I saw different authors use many different ways to solve the same class of models. Here, for the first time, I saw a completely unified approach to DSGE models (with homogeneous agents).

cons:
I did not find any. One could argue that it does not cover many important fields in modern macroeconomics literature. However, I think the whole point of the book is that it precisely does not want to do that. Instead it focuses on a class of models and solves them in a coherent fashion. If anything, I think it adds to the strength and it's certainly not a weakness.

After reading it, one can go easily to some higher level texts such as Sargent-ljungqvist etc.
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5.0 out of 5 starsExcellent
By Bad at Macro on March 27, 2013
Format: Hardcover Verified Purchase
I bought this book because I was struggling in PhD level macro economics. This book is an excellent resource. It explains everything you need succinctly, and the intuition is far more obvious than in other texts. If I had bought this book last semester class would have made a LOT more sense. And nearly everything we have covered in the second semester is in this book. I HIGHLY recommend this book, particularly if you are getting bogged down by an overly technical primary text and want a supplement that doesn't lose the forest for the trees.
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4.0 out of 5 starsReviewing the ABC's
By Andrew Green on June 14, 2010
Format: Hardcover Verified Purchase
Great guide and reference on modern macro economics and real business cycles, as well as the growth literature that lead up to the idea. I was a first year grad student preparing for the qualifying exams when someone recommended this book to me. In class we used numerous books and this wasn't one of them. The book is split in two parts and when I read over the table of contents I realized the first part followed nearly exacly the syllabus for the first macro class and likewise part two mirrored the second macro. So great for prelim review, as well as a reference tool going forward. Further, if you're trying to learn matlab as well, then there is code included at the end of many chapters.
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5.0 out of 5 starsexcelent
By erc on October 7, 2010
Format: Hardcover Verified Purchase
The book is the missing link in macroeconomic books. It cover most of the models and methodologies to simulate models in a self content book. This makes the book extremely useful for graduate students.

erc
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