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Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes (Japan-US Center UFJ Bank Monographs on International Financial Markets) - Softcover
Synopsis
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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Book Description
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.
About the Author
Masanao Aoki is Professor Emeritus in the Department of Economics at the University of California, Los Angeles.
"About this title" may belong to another edition of this title.
- PublisherCambridge University Press
- Publication date2011
- ISBN 10 1107634202
- ISBN 13 9781107634206
- BindingPaperback
- LanguageEnglish
- Number of pages352
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Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes (Japan-US Center UFJ Bank Monographs on International Financial Markets)
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Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes (eng)
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Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes (Japan-US Center UFJ Bank Monographs on International Financial Markets)
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Paperback. Condition: new. Paperback. In this 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. In this 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. Shipping may be from multiple locations in the US or from the UK, depending on stock availability. Seller Inventory # 9781107634206
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