Description

The limits imposed on economic modeling by the representative agent hypothesis have prevented dynamic analysis from fully exploring the links between the micro and macro level of the economic system. This book presents developments and applications of the innovative techniques of dynamic stochastic aggregation, first proposed by Masanao Aoki, through an implementation in a New Keynesian financial fragility framework. The introduction in macroeconomics of statistical mechanics tools, such as mean-field interaction, statistical entropy and master equation, constitutes a step toward a new definition of microfoundation and allows an integrated modeling of the relationships between micro financial variables and aggregate indicators.

The Generation of Business Fluctuations: Financial Fragility and Mean-field Interactions

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£37.70

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Paperback / softback by Corrado Di Guilmi

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The limits imposed on economic modeling by the representative agent hypothesis have prevented dynamic analysis from fully exploring the links... Read more

    Publisher: Peter Lang AG
    Publication Date: 01/07/2008
    ISBN13: 9783631581193, 978-3631581193
    ISBN10: 363158119X

    Number of Pages: 150

    Non Fiction , Business, Finance & Law

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    Description

    The limits imposed on economic modeling by the representative agent hypothesis have prevented dynamic analysis from fully exploring the links between the micro and macro level of the economic system. This book presents developments and applications of the innovative techniques of dynamic stochastic aggregation, first proposed by Masanao Aoki, through an implementation in a New Keynesian financial fragility framework. The introduction in macroeconomics of statistical mechanics tools, such as mean-field interaction, statistical entropy and master equation, constitutes a step toward a new definition of microfoundation and allows an integrated modeling of the relationships between micro financial variables and aggregate indicators.

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