The authors reconceptualize existing macroeconomics by treating equilibria as statistical distributions, not as fixed points.
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The authors reconceptualize existing macroeconomics by treating equilibria as statistical distributions, not as fixed points.
The authors reconceptualize existing macroeconomics by treating equilibria as statistical distributions, not as fixed points.
Sound microeconomic foundations for macroeconomics has meant incorporating sophisticated intertemporal optimization schemes into macroeconomic models. The Ramsey model, once meant to be a normative tool for a policy maker, has been turned into a descriptive model for representat…
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 h…
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 fo…