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Item Details
Title:
RECONSTRUCTING MACROECONOMICS
A PERSPECTIVE FROM STATISTICAL PHYSICS AND COMBINATORIAL STOCHASTIC PROCESSES
By:
Masanao Aoki, Hiroshi Yoshikawa, Ryzuo Sato
Format:
Hardback
List price:
£81.00
Our price:
£70.88
Discount:
12.5
% off
You save:
£10.12
ISBN 10:
0521831067
ISBN 13:
9780521831062
Availability:
Usually dispatched within 1-3 weeks.
Delivery rates
Stock:
Currently
0
available
Publisher:
CAMBRIDGE UNIVERSITY PRESS
Pub. date:
6 November, 2006
Series:
Japan-US Center UFJ Bank Monographs on International Financial Markets
Pages:
354
Description:
In this book, the authors reconceptualize existing macroeconomics by treating equilibria as statistical distributions, not as fixed points.
Synopsis:
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.
Illustrations:
11 tables
Publication:
UK
Imprint:
Cambridge University Press
Returns:
Returnable
Some other items by this author:
APPLICATIONS OF COMPUTER AIDED TIME SERIES MODELING (PB)
COMPARING ECONOMIC SYSTEMS (HB)
EXCHANGE RATE VOLATILITY, TRADE, AND CAPITAL FLOWS UNDER ALTERNATIVE EXCHANGE RATE REGIMES (HB)
EXCHANGE RATE VOLATILITY, TRADE, AND CAPITAL FLOWS UNDER ALTERNATIVE EXCHANGE RATE REGIMES (PB)
GLOBAL CAPITAL MARKETS (HB)
INTERNATIONAL FINANCIAL INTEGRATION (PB)
MACROECONOMICS AND THE JAPANESE ECONOMY (HB)
MODELING AGGREGATE BEHAVIOR AND FLUCTUATIONS IN ECONOMICS
MODELING AGGREGATE BEHAVIOR AND FLUCTUATIONS IN ECONOMICS (HB)
MODELING AGGREGATE BEHAVIOR AND FLUCTUATIONS IN ECONOMICS (PB)
NEW APPROACHES TO MACROECONOMIC MODELING
NEW APPROACHES TO MACROECONOMIC MODELING (HB)
NEW APPROACHES TO MACROECONOMIC MODELING (PB)
NOTES ON ECONOMIC TIME SERIES ANALYSIS: SYSTEM THEORETIC PERSPECTIVES (PB)
OPTIMIZATION OF STOCHASTIC SYSTEMS (HB)
RECONSTRUCTING MACROECONOMICS
RECONSTRUCTING MACROECONOMICS (PB)
RECONSTRUCTION OF MACROECONOMICS: METHODS OF STATISTICAL PHYSICS, AND KEYNES'' PRINCIPLE OF EFFECTIVE DEMAND
RECONSTRUCTION OF MACROECONOMICS: METHODS OF STATISTICAL PHYSICS, AND KEYNES'' PRINCIPLE OF EFFECTIVE DEMAND (HB)
STATE SPACE MODELING OF TIME SERIES (PB)
STATE SPACE MODELING OF TIME SERIES (PB)
STATE SPACE MODELLING OF TIME SERIES (HB)
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