Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes
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...
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| Sprache: | English |
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Cambridge
Cambridge University Press
2007
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| Schriftenreihe: | Japan-U.S. Center UFJ Bank monographs on international financial markets
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| 100 | 1 | |a Aoki, Masanao | |
| 245 | 1 | 0 | |a Reconstructing macroeconomics |b a perspective from statistical physics and combinatorial stochastic processes |c Masanao Aoki, Hiroshi Yoshikawa |
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| 520 | |a 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. | ||
| 700 | 1 | |a Yoshikawa, Hiroshi |d 1951- | |
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Datensatz im Suchindex
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| spelling | Aoki, Masanao Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes Masanao Aoki, Hiroshi Yoshikawa Cambridge Cambridge University Press 2007 1 Online-Ressource (xviii, 333 Seiten) txt c cr Japan-U.S. Center UFJ Bank monographs on international financial markets 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. Yoshikawa, Hiroshi 1951- Erscheint auch als Druck-Ausgabe 9780521831062 Erscheint auch als Druck-Ausgabe 9781107634206 TUM01 ZDB-20-CTM TUM_PDA_CTM https://doi.org/10.1017/CBO9780511510670 Volltext |
| spellingShingle | Aoki, Masanao Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes |
| title | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes |
| title_auth | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes |
| title_exact_search | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes |
| title_full | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes Masanao Aoki, Hiroshi Yoshikawa |
| title_fullStr | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes Masanao Aoki, Hiroshi Yoshikawa |
| title_full_unstemmed | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes Masanao Aoki, Hiroshi Yoshikawa |
| title_short | Reconstructing macroeconomics |
| title_sort | reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes |
| title_sub | a perspective from statistical physics and combinatorial stochastic processes |
| url | https://doi.org/10.1017/CBO9780511510670 |
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