Reconstructing Macroeconomics - A Perspective From Statistical Physics Combinatorial Stochastic

Informationen zum Autor Masanao 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. Klappentext In this book, the authors reconceptualize existing macroeconomics by treating equilibria as statistical distributions, not as fixed points. Zusammenfassung In this 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. Inhaltsverzeichnis Preface 1 Masanao Aoki; Preface 2 Hiroshi Yoshikawa; 1. Introduction - a new approach to macroeconomics; 2. The methods - jump Markov processes and random partitions; 3. Equilibrium as distribution - the role of demand in macroeconomics; 4. Uncertainty trap - policy ineffectiveness and long stagnation of the macroeconomy; 5. Slow dynamics of the macro system - no mystery of inflexible prices; 6. Business cycles - an endogenous stochastic approach; 7. Labor market dynamics - a new look at natural unemployment and Okun's law; 8. Demand saturation - creation and economic growth; 9. The types of investors and volatility in financial markets - analyzing clusters of heterogeneous agents; 10. Stock prices and the real macroeconomy - power-law versus exponential distributions.

Product details

• Authors: Masanao Aoki, Masanao (University of California Aoki, Masanao Yoshikawa Aoki, Hiroshi Yoshikawa, Hiroshi (University of Tokyo) Yoshikawa
• Assisted by: Ryzuo Sato (Editor)
• Publisher: Cambridge University Press ELT
• Languages: English
• Product format: Hardback
• Released: 06.11.2006
• EAN: 9780521831062
• ISBN: 978-0-521-83106-2
• No. of pages: 354
• Series: Japan-US Center UFJ Bank Monographs on International Financial Markets; Japan-Us Center Sanwa Monograp
• Subject: Social sciences, law, business > Business > Miscellaneous