Reconstructing Macroeconomics

Name: Reconstructing Macroeconomics
Brand: Cambridge University Press
SKU: 9781107634206
Price: 323.92 RON
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A Perspective from Statistical Physics and Combinatorial Stochastic Processes

Autor: Masanao Aoki

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Editura: Cambridge University Press

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In this 2007 book, the authors treat macroeconomic models as composed of large numbers of micro-unit...

Informații despre carte

Autor

Masanao Aoki

Limbă

engleză

Legare

Carte - Carte broșată

Publicat

2011

Pagini

354

EAN

9781107634206

ISBN

1107634202

Enbook ID

04449592

Editura

Cambridge University Press

Greutate

530

Dimensiuni

233 x 158 x 25

Descriere completă

In this 2007 book, the authors treat macroeconomic models as composed of large numbers of micro-units or agents of several types and explicitly discuss stochastic dynamic and combinatorial aspects of interactions among them. In mainstream macroeconomics sound microfoundations for macroeconomics have meant incorporating sophisticated intertemporal optimization by representative agents into models. Optimal growth theory, once meant to be normative, is now taught as a descriptive theory in mainstream macroeconomic courses. In neoclassical equilibria flexible prices led the economy to the state of full employment and marginal productivities are all equated. Professors Aoki and Yoshikawa contrariwise show that such equilibria are not possible in economies with a large number of agents of heterogeneous types. They employ a set of statistical dynamical tools via continuous-time Markov chains and statistical distributions of fractions of agents by types available in the new literature of combinatorial stochastic processes, to reconstruct macroeconomic models.

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Reconstructing Macroeconomics

A Perspective from Statistical Physics and Combinatorial Stochastic Processes

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Descriere completă

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