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**▼ Mas-Colell / Whinston / Green “Microeconomic Theory” (Oxford, 1e: 1995) ☼
**

The indispensable standard. You’ll read it cover to cover, probably more than once.

Reny / Jehle “Advanced Microeconomic Theory” (Addison-Wesley, 2e: 2000) ☼ Varian “Microeconomic Analysis” (W.W. Norton, 3e: 1992) ☼

Although an advanced undergraduate text, it covers similar content to MWG and can serve as an introduction.

Varian is known for being very clear and to-the-point. Less formal than MWG and more selective in content.

One of the best things to read in preparation for first-year micro (or along with it) is Hirshleifer / Riley's "Analytics of Uncertainty and Information;" a very intuitive introduction to these key topics. Billed as a graduate micro textbook, but not formal enough for today's demands, is "A Course in Microeconomic Theory" ☼ by Kreps some enjoy it as a conceptual starter that covers all the major topics (though, for an appetizer, it's a bit too calorific - long-winded - for my taste). Gibbons' "Primer in Game Theory" (alternate title" "Game Theory and Applications" ☼) is an idea for a preview of game theory with many interesting examples. One will typically need a specialized game theory book from the second term (although MWG cover game theory in some depth). Osborne / Rubinstein's "A Course in Game Theory" and Myerson’s “Game Theory: Analysis of Conflict” are good and reasonably priced. Fudenberg / Tirole’s “Game Theory” is an extensive, more formal, treatment. Tirole’s “The Theory of Industrial Organization” is the standard in that subfield (preferable, in my opinion, to the more recent "Industrial Organization: Theory and Applications" ☼ by Shy, although that includes new topics). The burgeoning importance of agency theory called for a dedicated textbook, which is now available from the Tiroles of information economics, Laffont / Martimort ("The Theory of Incentives").

it omits many proofs. measure theory. it treats (a somewhat dated choice of) optimization topics in the main part. unfortunately. makes good (though perhaps not essential) bedtime reading. the Dover reprint of Lancaster's "Mathematical Economics" is cheap and handy. More advanced treatments like Royden’s “Real Analysis” and Rudin’s “Real and Complex Analysis. as the title says. see the Dover edition of Mendelson's "Introduction to Topology. then (you should be rather worried and lose no time but) grab Chiang's "Fundamental Methods of Mathematical Economics. with a wealth of solved problems. you might as well invest another fifteen dollars for Schaum's "Outline of Mathematical Economics" (by Dowling). the best introduction is Capinski / Kopp's "Measure." Kelley's "General Topology" is a terrific old text. For those who have seen it all before and just need a quick review. Simon / Blume “Mathematics for Economists” (W. 1e: 1996) Optimization theory. If you want to learn measure theory (which eventually is necessary for micro theory and econometrics.MATHEMATICAL ECONOMICS ▼ De la Fuente “Mathematical Methods and Models for Economists” (Cambridge. and complex numbers. A classic. This is actually too basic for the first year.” ☼ which cover functional analysis. 1e: 2000) Comprehensive and lucidly written." which will take you by the hand through everything you should already know (but no real analysis). If Simon / Blume is hard going. A little book of pure math that squeezes all the best definitions and proofs into a pocketsized format.) Should the "Fundamental Methods" address critical needs.. Norton.. would come highly recommended as a reference if it weren't so outrageously priced outside the ☼ markets. but can serve as a review. 1e: 1994) ☼ Sundaram “A First Course in Optimization Theory” (Cambridge. Rudin's "Principles of Mathematical Analysis" ☼ (or "Baby Rudin"). "Elements of Dynamic Optimization" is not worth getting: it's in continuous time. but . whereas in much of modern macro you want discrete time." . become useful in the second term and second year. for a concise introduction to basic topology at the right price.W. Thorough coverage of linear algebra. Modern and accessible." Dixit's "Optimization in Economic Theory" is brief and conceptual. very accessible reference for optimization is Intriligator's "Mathematical Optimization and Economic Theory. and relegates background material to a well-written set of appendices. Integral and Probability. Chiang's other book. (Incidentally. down the road). A bargain at the price.

Now a voluminous second edition has been drafted and is still available for free downloading (as is a first go at a solution manual). time series econometrics etc. 2e: 2001) ☼ Thoughtful and empirically driven. very well) in Obstfeld / Rogoff’s “Foundations of International Macroeconomics. at an undergraduate level. There is now a nice introduction to dynamic programming.I haven’t read this." It's an ideal and reasonably priced entry to "freshwater macro.” For numerical methods. Ljungqvist / Sargent “Recursive Macroeconomic Theory” (MIT. by all accounts. but does not attempt to build technical skills. but by the looks of the content. it is still relevant (less true of the immediate predecessor. For growth theory. Sargent's "Macroeconomic Theory"). Aghion / Howitt’s “Endogenous Growth Theory” is a specialized treatment. reads like a set of rough lecture notes. There are many approaches to teaching first-year macro. it appears to emphasize differential equations and dynamic methods with a "freshwater" leaning. The former school of thought is sometimes labeled as "freshwater" (since its proponents are located around the Great Lakes).you'll probably need it. the book covers the intuition of influential models. 1e: 2000) Samples a lot of modern technique and selected applications. and the latter as "saltwater" (as it is popular along the US coasts). Romer “Advanced Macroeconomics” (McGraw-Hill. Now there's a solution manual (Irigoyen et al.but it is not (as one might expect) a simultaneous introduction to Matlab. In survey manner." Sargent has an older text. which have become essential to computational macroeconomics. Open economy macroeconomics is covered extensively (and.” a detailed exposition of dynamic programming theory and a second-term / second-year must-read for macroeconomists. the standard source is Barro / Sala-i-Martin’s “Economic Growth” ☼. "eclectic" first-semester course. stochastic growth. Azariadis’ “Intertemporal Macroeconomics” I haven’t read. My impression is that the "freshwater" school is carrying the day and dominating the modern literature.MACROECONOMICS ▼ Blanchard / Fischer “Lectures on Macroeconomics” (MIT. Chicago-schoolers swear by Stokey / Lucas / Prescott's “Recursive Methods in Economic Dynamics. all in one small book: Adda / Cooper's "Dynamic Economics: Quantitative Methods and Applications. . but roughly we could group them into those that consistently work with special cases of the neoclassical growth model and those covering an eclectic range of models with diverse assumptions and occasional handwaving about micro foundations in favor of an interesting result. really. Judd’s text “Numerical Methods in Economics” is widely used . still good for a solid. a good overview. numerical methods. but not everyone would agree.) . 1e: 1989) The old stand-by.” accompanied by Manuelli's solution manual . called “Dynamic Macroeconomic Theory.

1e: 2000) ☼ Even though the GMM perspective makes it perhaps a more difficult book at first. Billingsley’s “Probability and Measure” ☼ is a higher-pitched. people rave about the detailed exposition and instructive proofs. perhaps more accessibly (and certainly more concisely). Davidson / MacKinnon's “Estimation and Inference in Econometrics” is popular with econometricians and supposedly "deep. well-regarded probability text that also develops measure theory. and it's at the right technical level. Overexplains and shys from the use of complex variables.. the approach is theoretically attractive and modern. Then there's a whole series of graduate econometrics texts by Gourieroux / Monfort. but it is a useful reference. 4e: 1999) ☼ More demanding. this weary oldtimer is still a standard text. particularly Wooldridge is popular. but is quite brief. Ruud “An Introduction to Classical Econometric Theory” (Oxford. albeit not at the technical level of graduate school.” For panel data. The standard specialty text for time series is Hamilton’s exhaustive “Time Series Analysis.) "Nonparametric Econometrics" is covered in the book of that title by Pagan / Ullah. 5e: 1994) ☼ Incomprehensibly. . (But both are difficult books if you're not well-trained in analysis. 2e: 2001) ☼ Greene “Econometric Analysis” (Prentice Hall.” Enders' "Applied Econometric Time Series" ☼ is a far more basic and selective introduction. reportedly much in the French tradition of excellent precision and terrible pedagogics. and somehow not an entirely satisfying book to learn from." or yet Hsiao's "Analysis of Panel Data. and infinitely the preferable probability and statistics text of the two. Good review books in econometrics." it may offer more detail and rigor than initially needed. are Johnston / DiNardo’s “Econometric Methods” ☼ and Verbeek’s “A Guide to Modern Econometrics. comprehensive approach to estimation at a closer look. 1e: 2000) Though I have not read it. there's Maddala’s “LimitedDependent and Qualitative Variables in Econometrics." (They're all said to be excellent. For limited dependent variables.) White's "Asymptotic Theory for Econometricians" covers the same class of topics. more modern than Hogg and Craig. The gaping void in the market for books on the mathematical foundations of econometrics is about to be redressed by the forthcoming titles by Bierens and McFadden (see the online lecture notes for the manuscripts). It’s well-written. Gallant’s “An Introduction to Econometric Theory” runs along the same lines. The book is rather too encyclopedic to study from. Baltagi’s “Econometric Analysis of Panel Data” or Wooldridge's "Econometric Analysis and Panel Data. Emphasizes maximum likelihood as an organizing principle. Shiryayev's "Probability" is its equally admired competitor.ECONOMETRICS ▼ Casella / Berger “Statistical Inference” (Wadsworth. at a comfortable level. too. "Introduction to the Theory and Practice of Econometrics" ☼ offers a very nice. Hogg / Craig “Introduction to Mathematical Statistics” (Prentice Hall. Hayashi “Econometrics” (Princeton.” ☼ That intimidating tome by Judge et al.

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