Description

Book Synopsis
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.

Table of Contents
Contents: Business Cycles – Corporate Finance – Stochastic Dynamic Aggregation – Heterogeneous Interacting Agents – Stochastic Diffusion Processes – Statistical Entropy – Master Equation.

The Generation of Business Fluctuations:

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    A Paperback / softback by Corrado Di Guilmi

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

      Description

      Book Synopsis
      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.

      Table of Contents
      Contents: Business Cycles – Corporate Finance – Stochastic Dynamic Aggregation – Heterogeneous Interacting Agents – Stochastic Diffusion Processes – Statistical Entropy – Master Equation.

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