New Approaches to Macroeconomic Modeling
Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects
By (author) Masanao Aoki
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New Approaches to Macroeconomic Modeling by Masanao Aoki
Book DescriptionThis book contributes substantively to state-of-the-art macroeconomic modeling by providing a method for modeling large collections of heterogeneous agents subject to non-pairwise externality called field effects, i.e. feedback of aggregate effects on individual agents or agents using state-dependent strategies. Adopting a level of microeconomic description which keeps track of compositions of fractions of agents by 'types' or 'strategies', time evolution of the microeconomic states is described by (backward) Chapman-Kolmogorov equations. Macroeconomic dynamics naturally arise by expansion of the solution in some power series of the number of participants. Specification of the microeconomic transition rates thus leads to macroeconomic dynamic models. This approach provides a consistent way for dealing with multiple equilibria of macroeconomic dynamics by ergodic decomposition and associated calculations of mean first passage times, and stationary probabilities of equilibria further provide useful information on macroeconomic behavior.
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Book DetailsISBN: 9780521637695
(228mm x 152mm x 18mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 13-Feb-1998
Country of Publication: United Kingdom
Books By Author Masanao Aoki
Reconstructing Macroeconomics, Paperback (August 2011)
In this book, the authors reconceptualize existing macroeconomics by treating equilibria as statistical distributions, not as fixed points.
Modeling Aggregate Behavior and Fluctuations in Economics, Paperback (September 2004)» View all books by Masanao Aoki
This book analyses how a large but finite number of agents interact and what statistical consequences follow.
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