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- DescriptionIn this book, the authors treat macroecomic 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 macroecomics sound microfoundations for macroecomics have meant incorporating sophisticated intertemporal optimization by representative agents into models. Optimal growth theory, once meant to be rmative, is w taught as a descriptive theory in mainstream macroecomic courses. In neoclassical equilibria flexible prices led the ecomy to the state of full employment and marginal productivities are all equated. Professors Aoki and Yoshikawa contrariwise show that such equilibria are t possible in ecomies 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 macroecomic models.
- Author BiographyMasanao Aoki is Professor Emeritus in the Department of Economics at the University of California, Los Angeles. Hiroshi Yoshikawa is Professor of Economics at the University of Tokyo.
- Author(s)Hiroshi Yoshikawa,Masanao Aoki
- PublisherCambridge University Press
- Date of Publication06/11/2006
- SubjectEconomics: Textbooks & Study Guides
- Series TitleJapan-US Center UFJ Bank Monographs on International Financial Markets
- Place of PublicationCambridge
- Country of PublicationUnited Kingdom
- ImprintCambridge University Press
- Content Note11 tables
- Weight670 g
- Width152 mm
- Height228 mm
- Spine21 mm
- Series Edited byRyzuo Sato,Akiyoshi Horiuchi,Paul R. Krugman,Marti G. Subrahmanyam,Richard J. Zeckhauser
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