Reconstructing macroeconomics: a perspective from statistical physics and combinatorial stochastic processes
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 for macroeconomics have...
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge
Cambridge University Press
2007
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| Schriftenreihe: | Japan-U.S. Center UFJ Bank monographs on international financial markets
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| Schlagwörter: | |
| Links: | https://doi.org/10.1017/CBO9780511510670 https://doi.org/10.1017/CBO9780511510670 https://doi.org/10.1017/CBO9780511510670 https://doi.org/10.1017/CBO9780511510670 |
| Zusammenfassung: | 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 for macroeconomics have meant incorporating sophisticated intertemporal optimization by representative agents into models. Optimal growth theory, once meant to be normative, is now taught as a descriptive theory in mainstream macroeconomic courses. In neoclassical equilibria flexible prices led the economy to the state of full employment and marginal productivities are all equated. Professors Aoki and Yoshikawa contrariwise show that such equilibria are not possible in economies with a large number of agents of heterogeneous types. They employ a set of statistical dynamical tools via continuous-time Markov chains and statistical distributions of fractions of agents by types available in the new literature of combinatorial stochastic processes, to reconstruct macroeconomic models |
| Beschreibung: | Title from publisher's bibliographic system (viewed on 05 Oct 2015) |
| Umfang: | 1 online resource (xviii, 333 pages) |
| ISBN: | 9780511510670 |
| DOI: | 10.1017/CBO9780511510670 |
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| contents | 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 |
| ctrlnum | (ZDB-20-CBO)CR9780511510670 (OCoLC)967402677 (DE-599)BVBBV043921363 |
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| dewey-ones | 339 - Macroeconomics and related topics |
| dewey-raw | 339.01/51923 |
| dewey-search | 339.01/51923 |
| dewey-sort | 3339.01 551923 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1017/CBO9780511510670 |
| format | Electronic eBook |
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| id | DE-604.BV043921363 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T17:48:39Z |
| institution | BVB |
| isbn | 9780511510670 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029330446 |
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| physical | 1 online resource (xviii, 333 pages) |
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| publishDate | 2007 |
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| publisher | Cambridge University Press |
| record_format | marc |
| series2 | Japan-U.S. Center UFJ Bank monographs on international financial markets |
| spelling | Aoki, Masanao Verfasser aut Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes Masanao Aoki, Hiroshi Yoshikawa Cambridge Cambridge University Press 2007 1 online resource (xviii, 333 pages) txt rdacontent c rdamedia cr rdacarrier Japan-U.S. Center UFJ Bank monographs on international financial markets Title from publisher's bibliographic system (viewed on 05 Oct 2015) 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 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 for macroeconomics have meant incorporating sophisticated intertemporal optimization by representative agents into models. Optimal growth theory, once meant to be normative, is now taught as a descriptive theory in mainstream macroeconomic courses. In neoclassical equilibria flexible prices led the economy to the state of full employment and marginal productivities are all equated. Professors Aoki and Yoshikawa contrariwise show that such equilibria are not possible in economies with a large number of agents of heterogeneous types. They employ a set of statistical dynamical tools via continuous-time Markov chains and statistical distributions of fractions of agents by types available in the new literature of combinatorial stochastic processes, to reconstruct macroeconomic models Mathematisches Modell Macroeconomics / Mathematical models Makroökonomie (DE-588)4037174-8 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s 1\p DE-604 Yoshikawa, Hiroshi 1951- Sonstige oth Erscheint auch als Druckausgabe 978-0-521-83106-2 Erscheint auch als Druckausgabe 978-1-107-63420-6 https://doi.org/10.1017/CBO9780511510670 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Aoki, Masanao Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes 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 Mathematisches Modell Macroeconomics / Mathematical models Makroökonomie (DE-588)4037174-8 gnd |
| subject_GND | (DE-588)4037174-8 |
| title | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes |
| title_auth | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes |
| title_exact_search | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes |
| title_full | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes Masanao Aoki, Hiroshi Yoshikawa |
| title_fullStr | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes Masanao Aoki, Hiroshi Yoshikawa |
| title_full_unstemmed | Reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes Masanao Aoki, Hiroshi Yoshikawa |
| title_short | Reconstructing macroeconomics |
| title_sort | reconstructing macroeconomics a perspective from statistical physics and combinatorial stochastic processes |
| title_sub | a perspective from statistical physics and combinatorial stochastic processes |
| topic | Mathematisches Modell Macroeconomics / Mathematical models Makroökonomie (DE-588)4037174-8 gnd |
| topic_facet | Mathematisches Modell Macroeconomics / Mathematical models Makroökonomie |
| url | https://doi.org/10.1017/CBO9780511510670 |
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