power series of the reciprocal... does a recursive formula exist for the coefficients

Without loss of generality we can take $b_0$ to be 1, since \begin{equation*}\sum_{n=0}^\infty b_n x^n = b_0\biggl( 1+\sum_{n=1}^\infty (b_n/b_0)x^n\biggr). \end{equation*} Then for $b_0=1$ we have \begin{equation*} \frac1{f(x)} = \biggl( 1+\sum_{n=1}^\infty b_n x^n\biggr)^{-1}\\ =\sum_{m=0}^\infty (-1)^m\biggl( \sum_{n=1}^\infty b_n x^n\biggr)^m. \end{equation*} Expanding by the multinomial theorem and extracting the coefficient of $x^n$ gives \begin{equation*} \frac1{f(x)} = \sum_{n=0}^\infty \kern 3pt x^n \kern -5pt \sum_{m_1+2m_2+3m_3+\cdots = n} (-1)^{m_1+m_2+\cdots} \binom{m_1+m_2+\cdots}{m_1, m_2, \ldots} b_1^{m_1} b_2^{m_2}\cdots.\end{equation*}

Assume $b_0=1$ to simplify things. You want a closed formula for the recursively defined sequence $$d_0=1$$ $$d_n=-\sum_{k=0}^{n-1}d_kb_{n-k}. $$ Let $\alpha=(\alpha_1,\dots,\alpha_r)\in \mathbb{N}_ +^\omega$ be a multi-index with length $l(\alpha):=r$ and weight $|\alpha|:=\sum_{j=1}^r\alpha_j$. Let's denote $b_\alpha:=b_{\alpha_1}\dots b_{\alpha_r}$.

We have (induction) $$d_n:=\sum_{|\alpha|=n}(-1)^{l(\alpha)}b_\alpha. $$

There are of course several equal terms in the sum, due to the commutativity; summing equal terms, a corresponding smaller set of indices would be the increasing multi-indices (the number of terms in the sum would then be the number of partitions $p(n)$).