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Kniha Reconstructing Macroeconomics Masanao Aoki

Reconstructing Macroeconomics

A Perspective from Statistical Physics and Combinatorial Stochastic Processes

Autor: Masanao Aoki
Jazyk: Angličtina
Vazba: Brožovaná
Vydavatel: Cambridge University Press
Dostupnost: Skladem u dodavatele
Odesíláme za 9-15 dnů
1 365 Kč
In this 2007 book, the authors treat macroeconomic models as composed of large numbers of micro-unit...

Informace o knize

Autor
Masanao Aoki
Jazyk
Angličtina
Vazba
Kniha - Brožovaná
Vydáno
2011
Stránek
354
EAN
9781107634206
ISBN
1107634202
Enbook ID
04449592
Vydavatel
Cambridge University Press
Hmotnost
530
Rozměry
233 x 158 x 25

Kompletní popis

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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