INTERACTIVE MACROECONOMICS by Corrado Di Guilmi, Simone Landini, Mauro Gallegati ( 9781107198944 )

Item Details

Title:

INTERACTIVE MACROECONOMICS
STOCHASTIC AGGREGATE DYNAMICS WITH HETEROGENEOUS AND INTERACTING AGENTS

By:

Corrado Di Guilmi, Simone Landini, Mauro Gallegati

Format:

Hardback

List price:

£117.00

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£105.30

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£11.70

ISBN 10:

1107198941

ISBN 13:

9781107198944

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Publisher:

CAMBRIDGE UNIVERSITY PRESS

Pub. date:

4 April, 2017

Series:

Physics of Society: Econophysics and Sociophysics

Pages:

302

Description:

This book describes the analysis of macroeconomic agent based models using the tools of statistical mechanics.

Synopsis:

One of the major problems of macroeconomic theory is the way in which the people exchange goods in decentralized market economies. There are major disagreements among macroeconomists regarding tools to influence required outcomes. Since the mainstream efficient market theory fails to provide an internal coherent framework, there is a need for an alternative theory. The book provides an innovative approach for the analysis of agent based models, populated by the heterogeneous and interacting agents in the field of financial fragility. The text is divided in two parts; the first presents analytical developments of stochastic aggregation and macro-dynamics inference methods. The second part introduces macroeconomic models of financial fragility for complex systems populated by heterogeneous and interacting agents. The concepts of financial fragility and macroeconomic dynamics are explained in detail in separate chapters. The statistical physics approach is applied to explain theories of macroeconomic modelling and inference.

Publication:

Imprint:

Cambridge University Press

Returns:

Returnable

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