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

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The authors reconceptualize existing macroeconomics by treating equilibria as statistical distributions, not as fixed points.

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Title Statements

Full title :Reconstructing macroeconomics : a perspective from statistical physics and combinatorial stochastic processes / Masanao Aoki, Hiroshi Yoshikawa.

Summary

The authors reconceptualize existing macroeconomics by treating equilibria as statistical distributions, not as fixed points.

Edition Statements

Publication Date:©2007.

Publication Statements

Publisher(s):Cambridge University Press
Place of Publication:Cambridge
Language:eng
Publication Date:©2007.

The Physical Object

Description:1 online resource (xviii, 333 pages) : : illustrations

Edition Identifiers

ISBN:9780511335204, 0511335202, 9780511333286, 0511333285, 0511334621, 9780511334627, 9780511510670, 0511510675, 9780511333965, 051133396X, 1281040274, 9781281040275, 0521831067, 9780521831062, 1107160553, 9781107160552, 1107713722, 9781107713727, 9786611040277, 6611040277, 1139130595, 9781139130592
oclc:ocn173845311
LC Classification:HB172.5
Dewey Decimal:339.01/51923

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.

Subjects

BUSINESS & ECONOMICS -- Economics Macro-economie Macroeconomics -- Mathematical models Macroéconomie -- Modèles mathématiques Makroökonomie POLITICAL SCIENCE -- Economic Conditions Stochastische processen