Aggregation And The Microfoundations Of Dynamic Macroeconomics

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Aggregation and the Microfoundations of Dynamic Macroeconomics

Mario Forni,Marco Lippi
Aggregation and the Microfoundations of Dynamic Macroeconomics Book PDF

Author : Mario Forni,Marco Lippi
Publisher : Oxford University Press
Page : 264 pages
File Size : 53,9 Mb
Release : 1997
Category : Business & Economics
ISBN : 019828800X

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Aggregation and the Microfoundations of Dynamic Macroeconomics by Mario Forni,Marco Lippi Pdf

Through careful methodological analysis, this book argues that modern macroeconomics has completely overlooked the aggregate nature of the data. In Part I, the authors test and reject the homogeneity assumption using disaggregate data. In Part II, they demonstrate that apart from random flukes, cointegration unidirectional Granger causality and restrictions on parameters do not survive aggregation when heterogeneity is introduced. They conclude that the claim that modern macroeconomics has solid microfoundations is unwarranted. However, some important theory-based models that do not fit aggregate data well in their representative-agent version can be reconciled with aggregate data by introducing heterogeneity.

Microfoundations Reconsidered

Pedro Garcia Duarte,Gilberto Tadeu Lima
Microfoundations Reconsidered Book PDF

Author : Pedro Garcia Duarte,Gilberto Tadeu Lima
Publisher : Edward Elgar Publishing
Page : 257 pages
File Size : 40,9 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9781781004104

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Microfoundations Reconsidered by Pedro Garcia Duarte,Gilberto Tadeu Lima Pdf

Most macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics.

Rethinking Macroeconomics with Endogenous Market Structure

Marco Mazzoli,Matteo Morini,Pietro Terna
Rethinking Macroeconomics with Endogenous Market Structure Book PDF

Author : Marco Mazzoli,Matteo Morini,Pietro Terna
Publisher : Cambridge University Press
Page : 251 pages
File Size : 50,8 Mb
Release : 2019-12-19
Category : Business & Economics
ISBN : 9781108482608

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Rethinking Macroeconomics with Endogenous Market Structure by Marco Mazzoli,Matteo Morini,Pietro Terna Pdf

"The last decade has seen a lively debate in macroeconomics, with an increasing criticism on the model that seemed to be dominant in literature since the end of the 1990's, the Dynamic Stochastic General Equilibrium (DSGE, hereafter) and, consequently, the birth of some new theoretical approaches and methodologies"--

Inflation, Employment and Business Fluctuations

Bozzano G Luisa
Inflation Employment and Business Fluctuations Book PDF

Author : Bozzano G Luisa
Publisher : Elsevier
Page : 746 pages
File Size : 44,8 Mb
Release : 2000-11-16
Category : Business & Economics
ISBN : 9780080545325

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Inflation, Employment and Business Fluctuations by Bozzano G Luisa Pdf

A Textbook on Macroeconomic Knowledge and Analysis

A Practical Guide to Macroeconomics

Jeremy B. Rudd
A Practical Guide to Macroeconomics Book PDF

Author : Jeremy B. Rudd
Publisher : Cambridge University Press
Page : 323 pages
File Size : 50,8 Mb
Release : 2024-03-31
Category : Business & Economics
ISBN : 9781009465755

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A Practical Guide to Macroeconomics by Jeremy B. Rudd Pdf

The book gives an insider's perspective on how policy economists do their jobs. It is intended for academics and students who want to make their economic research more relevant for policy, or for anyone who wants an overview of some of the important unanswered questions in macroeconomics.

Emergent Macroeconomics

Domenico Gatti,Edoardo Gaffeo,Mauro Gallegati,Gianfranco Giulioni,Antonio Palestrini
Emergent Macroeconomics Book PDF

Author : Domenico Gatti,Edoardo Gaffeo,Mauro Gallegati,Gianfranco Giulioni,Antonio Palestrini
Publisher : Springer Science & Business Media
Page : 120 pages
File Size : 55,5 Mb
Release : 2008-12-05
Category : Science
ISBN : 9788847007253

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Emergent Macroeconomics by Domenico Gatti,Edoardo Gaffeo,Mauro Gallegati,Gianfranco Giulioni,Antonio Palestrini Pdf

This valuable book contributes substantively to the current state-of-the-art of macroeconomics. It provides a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields can be fruitfully combined to improve our understanding of macroeconomic dynamics.

Industry and Labor Dynamics

Roberto Leombruni,Matteo Richiardi
Industry and Labor Dynamics Book PDF

Author : Roberto Leombruni,Matteo Richiardi
Publisher : World Scientific
Page : 432 pages
File Size : 44,6 Mb
Release : 2004-11-22
Category : Business & Economics
ISBN : 9789814481366

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Industry and Labor Dynamics by Roberto Leombruni,Matteo Richiardi Pdf

This book presents the contributions to the first Wild@Ace conference. The acronym stands for “Workshop on Industrial and Labor Dynamics — The Agent-Based Computational Aproach”, and it has been the first event ever focusing on the very promising use of the agent-based simulation approach for investigation of labor economics and industrial organization issues. Agent-based models are computer models in which a multitude of agents — each embodied in a specific software code — interact. These agents can represent individuals households, firms, institutions, etc. Moreover, “special” agents can be added to observe and monitor individual and collective behavior. One of the main purpose of writing an ACE model is to gain intuitions on the two-way feedback between the microstructure and the macrostructure of a phenomenon of interest. How is it that simple aggregate regularities may arise from individual disorder? Or that a nice structure at an individual level may lead to a complete absence of regularity in the aggregate? How is it that the complex interaction of very simple individuals may lead to surprisingly complicated aggregate dynamics? Or that sophisticated agents may be unable to organize themselves in any interesting way? The book includes contributions by some of the most distinguished researchers in the field, such as the economists Alan Kirman, Giovanni Dosi, Leigh Tesfatsion and Mauro Gallegati, and the sociologist Nigel Gilbert. Contents:MethodologyMicrosimulation of Labor DynamicsUnderstanding Firm BehaviourIndustrial Clusters and Firm InteractionMathematical Tools Readership: Graduate students and researchers in the field of computational economics, labor economics and industrial organization. Keywords:Simulation;Agent-Based;Computational Economics;Labor;Industrial Dynamics;Innovation;Cluster;Firm Behavior

Entrepreneurship, the New Economy and Public Policy

Uwe Cantner,Elias Dinopoulos,Robert F. Lanzillotti
Entrepreneurship the New Economy and Public Policy Book PDF

Author : Uwe Cantner,Elias Dinopoulos,Robert F. Lanzillotti
Publisher : Springer Science & Business Media
Page : 344 pages
File Size : 45,9 Mb
Release : 2005-12-12
Category : Business & Economics
ISBN : 9783540269946

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Entrepreneurship, the New Economy and Public Policy by Uwe Cantner,Elias Dinopoulos,Robert F. Lanzillotti Pdf

Silicon Valley is the most salient example of high-tech industrial clusters. Public policymakersthroughouttheworldwouldliketolearnthesecretsofSiliconValley in order to build their own high-tech economies. The existing literature on ind- trial clusters, which traces back to Marshall (1920), focuses on the way in which ?rms bene?t from locating in a cluster; it suggests that once a cluster comes into existence, it tends to reinforce itself by attracting more ?rms. However, a more important question is how to reach this critical mass in the ?rst place. In contrast to the literature, evidence suggests that entrepreneurs rarely move when they est- lish high-tech start-ups (Cooper and Folta, 2000). This contradicts the notion that location choice analyses lead entrepreneurs to a high-tech cluster. A high-tech industrial cluster such as Silicon Valley is characterized by c- centratedentrepreneurship. FollowingSchumpeter,weemphasizethefactthat“the appearance of one or a few entrepreneurs facilitates the appearance of others” (Schumpeter,1934). Weproposeanagent-basedcomputationalmodeltoshowhow high-tech industrial clusters could emerge in a landscape in which no ?rms existed originally. The model is essentially a spatial version of the Nelson-Winter model: Boundedly rational agents are scattered over an explicitly de?ned landscape. Each agent is endowed with some technology, which determines his ?rm’s productivity (if he has one). During each period of time, an agent with no ?rm would make a decision as to whether he wants to start one. This decision is mostly affected by the behavior of his social contacts, who are all his neighbors.

Interactive Macroeconomics

Corrado Di Guilmi,Mauro Gallegati,Simone Landini
Interactive Macroeconomics Book PDF

Author : Corrado Di Guilmi,Mauro Gallegati,Simone Landini
Publisher : Cambridge University Press
Page : 307 pages
File Size : 55,9 Mb
Release : 2017-04-04
Category : Business & Economics
ISBN : 9781107198944

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Interactive Macroeconomics by Corrado Di Guilmi,Mauro Gallegati,Simone Landini Pdf

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

Industry and Labor Dynamics

Roberto Leombruni,Matteo Richiardi
Industry and Labor Dynamics Book PDF

Author : Roberto Leombruni,Matteo Richiardi
Publisher : World Scientific
Page : 431 pages
File Size : 40,6 Mb
Release : 2004
Category : Business & Economics
ISBN : 9789812702258

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Industry and Labor Dynamics by Roberto Leombruni,Matteo Richiardi Pdf

This book presents the contributions to the first Wild@Ace conference. The acronym stands for OC Workshop on Industrial and Labor Dynamics OCo The Agent-Based Computational AproachOCO, and it has been the first event ever focusing on the very promising use of the agent-based simulation approach for investigation of labor economics and industrial organization issues. Agent-based models are computer models in which a multitude of agents OCo each embodied in a specific software code OCo interact. These agents can represent individuals households, firms, institutions, etc. Moreover, OC specialOCO agents can be added to observe and monitor individual and collective behavior. One of the main purpose of writing an ACE model is to gain intuitions on the two-way feedback between the microstructure and the macrostructure of a phenomenon of interest. How is it that simple aggregate regularities may arise from individual disorder? Or that a nice structure at an individual level may lead to a complete absence of regularity in the aggregate? How is it that the complex interaction of very simple individuals may lead to surprisingly complicated aggregate dynamics? Or that sophisticated agents may be unable to organize themselves in any interesting way?. The book includes contributions by some of the most distinguished researchers in the field, such as the economists Alan Kirman, Giovanni Dosi, Leigh Tesfatsion and Mauro Gallegati, and the sociologist Nigel Gilbert."

Handbook of Econometrics

James Joseph Heckman,Edward E. Leamer
Handbook of Econometrics Book PDF

Author : James Joseph Heckman,Edward E. Leamer
Publisher : Elsevier
Page : 1013 pages
File Size : 45,5 Mb
Release : 2007
Category : Econometrics
ISBN : 9780444506313

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Handbook of Econometrics by James Joseph Heckman,Edward E. Leamer Pdf

As conceived by the founders of the Econometric Society, econometrics is a field that uses economic theory and statistical methods to address empirical problems in economics. It is a tool for empirical discovery and policy analysis. The chapters in this volume embody this vision and either implement it directly or provide the tools for doing so. This vision is not shared by those who view econometrics as a branch of statistics rather than as a distinct field of knowledge that designs methods of inference from data based on models of human choice ...

Introduction to Agent-Based Economics

Mauro Gallegati,Antonio Palestrini,Alberto Russo
Introduction to Agent Based Economics Book PDF

Author : Mauro Gallegati,Antonio Palestrini,Alberto Russo
Publisher : Academic Press
Page : 274 pages
File Size : 46,9 Mb
Release : 2017-08-03
Category : Business & Economics
ISBN : 9780128039038

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Introduction to Agent-Based Economics by Mauro Gallegati,Antonio Palestrini,Alberto Russo Pdf

Introduction to Agent-Based Economics describes the principal elements of agent-based computational economics (ACE). It illustrates ACE’s theoretical foundations, which are rooted in the application of the concept of complexity to the social sciences, and it depicts its growth and development from a non-linear out-of-equilibrium approach to a state-of-the-art agent-based macroeconomics. The book helps readers gain a better understanding of the limits and perspectives of the ACE models and their capacity to reproduce economic phenomena and empirical patterns. Reviews the literature of agent-based computational economics Analyzes approaches to agents’ expectations Covers one of the few large macroeconomic agent-based models, the Modellaccio Illustrates both analytical and computational methodologies for producing tractable solutions of macro ACE models Describes diffusion and amplification mechanisms Depicts macroeconomic experiments related to ACE implementations

Scaling in Integrated Assessment

D.S. Rothman,J. Rotmans
Scaling in Integrated Assessment Book PDF

Author : D.S. Rothman,J. Rotmans
Publisher : CRC Press
Page : 374 pages
File Size : 52,9 Mb
Release : 2005-08-09
Category : Technology & Engineering
ISBN : 9780203971000

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Scaling in Integrated Assessment by D.S. Rothman,J. Rotmans Pdf

A collection of papers prepared for the European Forum on Integrated Environmental Assessment's (EFIEA) Policy Workshop on Scaling Issues in Integrated Assessment, held from 12-19 July 2000.

Econometric Modelling of European Money Demand

Engelbert Plassmann
Econometric Modelling of European Money Demand Book PDF

Author : Engelbert Plassmann
Publisher : Springer Science & Business Media
Page : 204 pages
File Size : 41,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642573361

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Econometric Modelling of European Money Demand by Engelbert Plassmann Pdf

The introduction of a single European currency constitutes a remarkable instance of internationalization of monetary policy. Whether a concomitant internationalization can be detected also in the econometric foundations of monetary policy is the topic dealt with in this book. The basic theoretical ingredients comprise a data-driven approach to econometric modelling and a generalized approach to cross-sectional aggregation. The empirical result is a data-consistent structural money demand function isolated within a properly identified, dynamic macroeconomic system for Europe. The book itself evolved from a research project within the former Son derforschungsbereich SFB 178 "Internationalization of the Economy" at the University of Konstanz. Its finalization entails a due amount of gratitude to be extended into several directions: I am personally indebted, first of all, to my academic supervisor, Professor Dr. Nikolaus Laufer, for originally inspiring this work and for meticulously perusing its eventual result. Professor Dr. Win fried Pohlmeier, as a second supervisor, provided valuable confidence bounds around an earlier draft. The comments of both supervisors contributed substantially to the present shape of the book. I am institutionally indebted to the University of Konstanz, notably its Faculty of Economics and Statistics, for continuous provision of an excellent research environment, and to the Deutsche Forschungsgemeinschaft in Bonn for generous sponsorship of the former SFB, whose financial support dur ing that period is gratefully acknowledged. I am also indebted to Dresdner Bank AG Frankfurt, Risk Methodology Trading, for benign tolerance of all distractions associated with the preparation of the final manuscript.

Capitalism

Anwar Shaikh
Capitalism Book PDF

Author : Anwar Shaikh
Publisher : Oxford University Press
Page : 896 pages
File Size : 42,7 Mb
Release : 2016-01-15
Category : Business & Economics
ISBN : 9780190298340

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Capitalism by Anwar Shaikh Pdf

Orthodox economics operates within a hypothesized world of perfect competition in which perfect consumers and firms act to bring about supposedly optimal outcomes. The discrepancies between this model and the reality it claims to address are then attributed to particular imperfections in reality itself. Most heterodox economists seize on this fact and insist that the world is characterized by imperfect competition. But this only ties them to the notion of perfect competition, which remains as their point of departure and base of comparison. There is no imperfection without perfection. In Capitalism, Anwar Shaikh takes a different approach. He demonstrates that most of the central propositions of economic analysis can be derived without any reference to standard devices such as hyperrationality, optimization, perfect competition, perfect information, representative agents, or so-called rational expectations. This perspective allows him to look afresh at virtually all the elements of economic analysis: the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates, terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises. In every case, Shaikh's innovative theory is applied to modern empirical patterns and contrasted with neoclassical, Keynesian, and Post-Keynesian approaches to the same issues. Shaikh's object of analysis is the economics of capitalism, and he explores the subject in this expansive light. This is how the classical economists, as well as Keynes and Kalecki, approached the issue. Anyone interested in capitalism and economics in general can gain a wealth of knowledge from this ground-breaking text.