Download or read book Aggregation and the Microfoundations of Dynamic Macroeconomics written by Mario Forni and published by Oxford University Press. This book was released on 1997 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book On the Microfoundations of Dynamic Macroeconomics written by Mario Forni and published by . This book was released on 1998 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Visible Hand written by Reiner Koblo and published by Springer. This book was released on 1991 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Isolation and Aggregation in Economics written by Ekkehart Schlicht and published by Ekkehart Schlicht. This book was released on 1985 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Revival The Megacorp and Oligopoly Micro Foundations of Macro Dynamics 1981 written by Alfred S. Eicher and published by Routledge. This book was released on 2017-09-29 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 1976. This book provides both an explanation of the inflation which has bedeviled economic policy in the West since the end of World War II and a micro-economic theory to purge Keynesian models of the Walrasian strain derived from Marshall's Principles. By focusing on what is taken to be the representative business firm of the twentieth century - the large corporation or megacorp - the microeconomic model presented in the book reverses the usual assumptions of economic analysis. Instead of assuming the existence of firms with no control over prices, the book examines how the megacorp uses its pricing power to finance its own internal rate of growth. The result is a determinant model of how prices are set under the sort of oligopolistic conditions which prevail in most modern industries throughout the world.
Download or read book Theoretical Foundations of Dynamic Macroeconomics written by Neal E. Solomon and published by . This book was released on 1993 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Regions Land Consumption and Sustainable Growth written by O. A. L. C. Atzema and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an in-depth investigation of the role of the private and public sectors in land markets and regional economics, and explores the reasons behind government intervention in the interests of sustainable growth. The authors explore the subject of regional development and changing land use in a variety of different countries. They examine broad themes such as urban structure, infrastructure and eco-structure, and look in detail at issues including housing, transport and technology clustering. They also demonstrate that for a proper understanding of long-term changes, the broader institutional settings and policy regimes are of critical importance, as it is within this framework that private and public actors interact. It is therefore vital to search for institutional arrangements where conflicts of interest can be dealt with in a constructive way, and where ecological values are taken into consideration. The contributions in this book highlight these difficulties and offer practical proposals to improve current practices. Regional scientists, geographers and development policymakers will welcome this rigorous exploration of the roles of the private and public sectors in the context of economic development.
Download or read book Complex Agent Based Models written by Mauro Gallegati and published by Springer. This book was released on 2018-09-19 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a thorough introduction to the highly promising complex agent-based approach to economics, in which agent-based models (ABMs) are used to represent economic systems as complex and evolving systems composed of heterogeneous agents of limited rationality who interact with each other, generating the system’s emergent properties in the process. This approach represents a response to the limitations of the dominant theory in economics, which does not consider the possibility of a major crisis, and to the inability of dynamic stochastic general equilibrium theory to generate empirically falsifiable propositions. In the new perspective, the focus is on identifying the elements of instability rather than the triggering event. As the theory of complexity demonstrates, the interactions of heterogeneous agents produce non-linearity: this puts an end to the age of certainties. With ABMs, the methodology is “from the bottom up”. The individual parameters and their distribution are estimated, and then evaluated to verify whether aggregate regularities emerge on the whole. In short, not only micro, but also meso and macro empirical validation are employed. Moreover, it shows that the mantra of growth should be supplanted by the concept of a growth. Given its depth of coverage, the book will enable students at the undergraduate and Master’s level to gain a firm grasp of this important emerging approach. “This book is flower blossomed by one of the two greatest Italian economists.” Bruce Greenwald, Columbia University “The author’s - the ABM prophet’s - thoughts on economics have been at the forefront of the world. Without a firm belief in and dedication to human society, it is impossible to write such a book. This is a work of high academic value, which can help readers quickly understand the history and current situation of complex economic theory. In particular, we can understand the basic viewpoints, academic status, advantages and shortcomings of various schools of economic theory.” Jie Wu, Guangzhou Milestone Software Co., China
Download or read book Economics and Diversity written by Carlo D'Ippoliti and published by Routledge. This book was released on 2011-05-15 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bulk of contemporary economics assumes rather than explains differences between people or groups of people. Yet, many of these differences are produced by society or they imply differing opportunities and outcomes. This book argues that economists should concern themselves with the explanation of the social causes and effects of such differences. D’Ippoliti introduces the concept of diversity to summarise all differences that are of social origin and that a theory or model seeks to explain. This contrasts with the traditional concept of heterogeneity that instead refers to differences that are deemed to be exogenous of economic theory. In approaching this, the book ranges from the fields of methodology and history of economics to applied empirical work, as well as gender diversity which is considered in depth. The analysis of the thinking of two major economists of the past, John Stuart Mill and Gustav Schmoller, demonstrates how gender diversity exemplifies some of the fundamental issues in economics, such as the division of labour, society’s capacity to reproduce itself, and the role of social institutions and their impact on individual and collective behaviour. The book maintains that growth of GDP and of the services sector cannot be trusted to automatically bring about greater inclusion of women in the labour market. Active policy interventions are needed, spanning from the removal of discrimination to the provision of public services and the establishment of fair competition in the market, along with an improved division of social and political power between the sexes. This work will be of interest to researchers and students focusing on the history of economic thought, labour economics, social policy and gender studies.
Download or read book Banks and Finance in Modern Macroeconomics written by Bruna Ingrao and published by Edward Elgar Publishing. This book was released on 2019 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world financial crisis of 2007–2008 dramatically showed the importance of credit and financial relations for the efficient working of the economy. For a long time mainstream macroeconomics ignored these aspects and concentrated only on the real sector or just took into account the most elementary picture of the financial side of the economy. This book aims at explaining why this happened through an historical excursion of 20th century mainstream macroeconomic theory.
Download or read book Conceptual Economics The Liaising Role In Politics And Social Sciences written by Kui-wai Li and published by World Scientific. This book was released on 2021-01-18 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given that there is no shortage of economic theories while economic problems are growing periodically, Conceptual Economics boldly attempts to initiate a new approach by employing conceptual and intuitive tools to examine the intra-relationship between microeconomics and macroeconomics as well as the inter-relationship between economic analysis and other social science studies, especially the relationship with political science. The few intuitive ideas include the separation between ex-ante situations and ex-post outcomes, the difference between endowment differences and unequal outcomes, and the role of economics as a vehicle in the delivery of numerous social and political activities. The discussion extends to cover an analysis on human values and concludes with a recommendation on the functionality of civic capitalism. With intuition and analytical reasoning within economics and with other social sciences, Conceptual Economics can become a new branch in economic study where scholars, analysts and intellectuals could 'think outside the box' by liaising a wider economic perspective and/or amalgamating non-economic aspects into their analysis. This shall provide a new dimension to solving human economic problems and possibly area of intellectuality.
Download or read book Exploring Research Frontiers in Contemporary Statistics and Econometrics written by Ingrid Van Keilegom and published by Springer Science & Business Media. This book was released on 2011-09-15 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects contributions written by well-known statisticians and econometricians to acknowledge Léopold Simar’s far-reaching scientific impact on Statistics and Econometrics throughout his career. The papers contained herein were presented at a conference in Louvain-la-Neuve in May 2009 in honor of his retirement. The contributions cover a broad variety of issues surrounding frontier estimation, which Léopold Simar has contributed much to over the past two decades, as well as related issues such as semiparametric regression and models for censored data. This book collects contributions written by well-known statisticians and econometricians to acknowledge Léopold Simar’s far-reaching scientific impact on Statistics and Econometrics throughout his career. The papers contained herein were presented at a conference in Louvain-la-Neuve in May 2009 in honor of his retirement. The contributions cover a broad variety of issues surrounding frontier estimation, which Léopold Simar has contributed much to over the past two decades, as well as related issues such as semiparametric regression and models for censored data.
Download or read book Advanced Modern Macroeconomics written by Max Gillman and published by Financial Times/Prentice Hall. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern Macroeconomics, by Max Gillman, takes a new and modern approach to macroeconomic theory using microeconomic foundations. Building from the standard neo-classical models, Gillman has developed a new dynamic model which works to explain business cycles and unemployment, why you can have a banking lead recession as well as fiscal and monetary policy. Although strong in mathematical rigour all calculations in this text are fully derived and graphs provide a direct representation making it accessible. This text is suitable for undergraduate students studying Advanced Macroeconomics courses.
Download or read book The Generation of Business Fluctuations written by Corrado Di Guilmi and published by Peter Lang. This book was released on 2008 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: The limits imposed on economic modeling by the representative agent hypothesis have prevented dynamic analysis from fully exploring the links between the micro and macro level of the economic system. This book presents developments and applications of the innovative techniques of dynamic stochastic aggregation, first proposed by Masanao Aoki, through an implementation in a New Keynesian financial fragility framework. The introduction in macroeconomics of statistical mechanics tools, such as mean-field interaction, statistical entropy and master equation, constitutes a step toward a new definition of microfoundation and allows an integrated modeling of the relationships between micro financial variables and aggregate indicators.
Download or read book The Age of Fragmentation written by Alessandro Roncaglia and published by Cambridge University Press. This book was released on 2019-12-05 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: A wide-ranging historical account and critical analysis of the global development of economics from 1940 to the present day.
Download or read book Statistics and Causality written by Wolfgang Wiedermann and published by John Wiley & Sons. This book was released on 2016-06-07 with total page 478 pages. Available in PDF, EPUB and Kindle. Book excerpt: b”STATISTICS AND CAUSALITYA one-of-a-kind guide to identifying and dealing with modern statistical developments in causality Written by a group of well-known experts, Statistics and Causality: Methods for Applied Empirical Research focuses on the most up-to-date developments in statistical methods in respect to causality. Illustrating the properties of statistical methods to theories of causality, the book features a summary of the latest developments in methods for statistical analysis of causality hypotheses. The book is divided into five accessible and independent parts. The first part introduces the foundations of causal structures and discusses issues associated with standard mechanistic and difference-making theories of causality. The second part features novel generalizations of methods designed to make statements concerning the direction of effects. The third part illustrates advances in Granger-causality testing and related issues. The fourth part focuses on counterfactual approaches and propensity score analysis. Finally, the fifth part presents designs for causal inference with an overview of the research designs commonly used in epidemiology. Statistics and Causality: Methods for Applied Empirical Research also includes: New statistical methodologies and approaches to causal analysis in the context of the continuing development of philosophical theories End-of-chapter bibliographies that provide references for further discussions and additional research topics Discussions on the use and applicability of software when appropriate Statistics and Causality: Methods for Applied Empirical Research is an ideal reference for practicing statisticians, applied mathematicians, psychologists, sociologists, logicians, medical professionals, epidemiologists, and educators who want to learn more about new methodologies in causal analysis. The book is also an excellent textbook for graduate-level courses in causality and qualitative logic.
Download or read book Macroeconomics from the Bottom up written by Domenico Delli Gatti and published by Springer Science & Business Media. This book was released on 2011-04-18 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of overcoming the SMD result by recurring to a fictitious RA leads to insurmountable methodological problems and lies at the root of DSGE models’ failure to satisfactorily explain real world features, like exchange rate and banking crises, bubbles and herding in financial markets, swings in the sentiment of consumers and entrepreneurs, asymmetries and persistence in aggregate variables, and so on. At odds with this view, our critique rests on the premise that any modern macroeconomy should be modeled instead as a complex system of heterogeneous interacting individuals, acting adaptively and autonomously according to simple and empirically validated rules of thumb. We call our proposed approach Bottom-up Adaptive Macroeconomics (BAM). The reason why we claim that the contents of this book can be inscribed in the realm of macroeconomics is threefold: i) We are looking for a framework that helps us to think coherently about the interrelationships among two or more markets. In what follows, in particular, three markets will be considered: the markets for goods, labor and loanable funds. In this respect, real time matters: what happens in one market depends on what has happened, on what is happening, or on what will happen in other markets. This implies that intertemporal coordination issues cannot be ignored. ii) Eventually, it’s all about prices and quantities. However, we are mostly interested in aggregate prices and quantities, that is indexes built from the dispersed outcomes of the decentralized transactions of a large population of heterogeneous individuals. Each individual acts purposefully, but she knows anything about the levels of prices and quantities which clear markets in the aggregate. iii) In the hope of being allowed to purport scientific claims, BAM relies on the assumption that individual purposeful behaviours aggregates into regularities. Macro behaviour, however, can depart radically from what the individual units are trying to accomplish. It is in this sense that aggregate outcomes emerge from individual actions and interactions.
