New Approaches to Macroeconomic Modeling

Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects

Häftad, Engelska, 1998

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Beskrivning

This 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.

Produktinformation

Utgivningsdatum:1998-02-13
Mått:153 x 230 x 19 mm
Vikt:425 g
Format:Häftad
Språk:Engelska
Antal sidor:308
Förlag:Cambridge University Press
ISBN:9780521637695

Utforska kategorier

Mikroekonomi inom Ekonomi och Ledarskap

Recensioner i media

"Economists are indebted to Masanao Aoki. He has done an excellent job in bringing together a large amount of important material on stochastic dynamics, showing economists how to use it, and presenting it all in a clear and readable manner. The examples which he presents are interesting but surely only scratch the surface of what these tools can do to improve the realism and depth of economic modeling, macro and micro." Ken Judd, Hoover Institution, Stanford University

Innehållsförteckning

Part I. Introduction: 1. Introduction; 2. Simple illustrative and motivating examples; 3. Empirical distributions: statistical laws in macroeconomics; Part II. Modeling Interactions: 4. Modeling interactions I: Jump Markov processes; 5. Modeling interactions II: master equations and field effects; 6. Modeling interactions III: pairwise and multiple-pair interactions; Part III. Hierarchical Dynamics and Critical phenomena: 7. Sluggish dynamics and hierarchical state spaces; 8. Self-organizing and other critical phenomena in economic models; 9. Appendices; Symbol Index; Subject Index.