Reconstructing macroeconomics : a perspective from statistical physics and combinatorial stochastic processes / Masanao Aoki and Hiroshi Yoshikawa
Material type:
TextSeries: Japan-U.S. Center Sanwa monographs on international financial marketsPublication details: Cambridge : Cambridge University Press, 2007Description: xviii, 333p, 23cmISBN: - 0521831067
- 339.0151923 AOK
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Calcutta | 339.0151923 AOK (Browse shelf(Opens below)) | Available | IIMC-120437 | |||
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Calcutta | 339.0151923 AOK (Browse shelf(Opens below)) | Available | IIMC-122544 |
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| 339.0151135 LJU Recursive macroeconomic theory | 339.015118 PAR Macro-modelling for the eleventh five year plan of India / | 339.0151923 AOK Reconstructing macroeconomics : | 339.0151923 AOK Reconstructing macroeconomics : | 339.015195 BAR The Econometrics of macroeconomic modelling / | 339.015195 BEN The Macroeconomics of imperfect competition and nonclearing markets : | 339.015195 BOD A History of macroeconometric model-building / |
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 has 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. The authors treat equilibria as statistical distributions and not as fixed points. 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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