Call Boomerang Books 1300 36 33 32

Description - The Representative Agent in Macroeconomics by James E. Hartley

Representative agent models have become a predominant means of studying the macroeconomy in modern economics. Suprisingly, there has been little discussion in macroeconomic literature about the propriety or usefulness of such models. This volume aims to evaluate the use of these models in macroeconomics. Examining the comments made by new classical economists, the book identifies three related justifications for modern use of representative agent models: they are a way of avoiding the Lucas critique, they aid in the construction of Walrasian models and provide microfoundations for macroeconomics. The author illustrates how the representative agent model is inadequate to these tasks: it does not solve the Lucas critique, does not help create good Walrasian models and does not provide microfoundations. He evaluates these goals themselves, finding that the Lucas critique is unworkable in its present form, Walrasian methodology is not particularly useful for macroeconomic study and rigorous microfoundations of the sort representative agent models are presumed to provide are neither possible nor particularly desirable. Representative agent models are, therefore, neither a proper nor a particularly useful means of studying aggregate behaviour.

Buy The Representative Agent in Macroeconomics by James E. Hartley from Australia's Online Independent Bookstore, Boomerang Books.

Book Details

ISBN: 9780415146692
ISBN-10: 0415146690
Format: Hardback
(234mm x 156mm x mm)
Pages: 240
Imprint: Routledge
Publisher: Taylor & Francis Ltd
Publish Date: 3-Jul-1997
Country of Publication: United Kingdom

Other Editions - The Representative Agent in Macroeconomics by James E. Hartley

Book Reviews - The Representative Agent in Macroeconomics by James E. Hartley

» Have you read this book? We'd like to know what you think about it - write a review about Representative Agent in Macroeconomics book by James E. Hartley and you'll earn 50c in Boomerang Bucks loyalty dollars (you must be a Boomerang Books Account Holder - it's free to sign up and there are great benefits!)

Write Review


Books By James E. Hartley

Representative Agent in Macroeconomics by James E. Hartley
Paperback, December 2014
$62.99
Real Business Cycle Theory by James E. Hartley
Hardback, June 1998
$283.50