國立虎尾科技大學 |

Reconstructing macroeconomics : = a perspective from statistical physics and combinatorial stochastic processes /

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Reconstructing macroeconomics :/ Masanao Aoki, Hiroshi Yoshikawa.
其他題名:	a perspective from statistical physics and combinatorial stochastic processes /
作者:	Aoki, Masanao,
其他作者:	Yoshikawa, Hiroshi,
面頁冊數:	1 online resource (xviii, 333 pages) :digital, PDF file(s). :
附註:	Title from publisher's bibliographic system (viewed on 05 Oct 2015).
標題:	Macroeconomics - Mathematical models. -
電子資源:	https://doi.org/10.1017/CBO9780511510670
ISBN:	9780511510670 (ebook)

Reconstructing macroeconomics : = a perspective from statistical physics and combinatorial stochastic processes /
Aoki, Masanao,

Reconstructing macroeconomics :a perspective from statistical physics and combinatorial stochastic processes /Masanao Aoki, Hiroshi Yoshikawa. - 1 online resource (xviii, 333 pages) :digital, PDF file(s). - Japan-U.S. Center UFJ Bank monographs on international financial markets. - Japan-U.S. Center UFJ Bank monographs on international financial markets..

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

Introduction: a new approach to macroeconomics -- The methods: jump Markov process and random partitions -- Equilibrium as distribution: the role of demand in macroeconomics -- Uncertainty trap: policy ineffectiveness and long stagnation of the macroeconomy -- Slow dynamics of macro system: no mystery of inflexible prices -- Business cycles: an endogenous stochastic approach -- Labor market: a new look at the natural unemployment and Okun's law -- Demand saturation-creation and economic growth -- The types of investors and volatility in financial markets: analyzing clusters of heterogeneous agents -- Stock proces and the real economy: power-law versus exponential distributions.

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.

ISBN: 9780511510670 (ebook)Subjects--Topical Terms:

565216
Macroeconomics
--Mathematical models.

LC Class. No.: HB172.5 / .A583 2007

Dewey Class. No.: 339.01/51923

Reconstructing macroeconomics : = a perspective from statistical physics and combinatorial stochastic processes /
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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.
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