  We present the guarded lambda-calculus, an extension of the simply typed
lambda-calculus with guarded recursive and coinductive types. The use of
guarded recursive types ensures the productivity of well-typed programs.
Guarded recursive types may be transformed into coinductive types by a
type-former inspired by modal logic and Atkey-McBride clock quantification,
allowing the typing of acausal functions. We give a call-by-name operational
semantics for the calculus, and define adequate denotational semantics in the
topos of trees. The adequacy proof entails that the evaluation of a program
always terminates. We demonstrate the expressiveness of the calculus by showing
the definability of solutions to Rutten's behavioural differential equations.
We introduce a program logic with L\"{o}b induction for reasoning about the
contextual equivalence of programs.
