Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road?
In this paper we sketch some reflections on the pitfalls and inconsistencies of the research program - currently dominant among the profession - aimed at providing microfoundations to macroeconomics along a Walrasian perspective. We argue that such a methodological approach constitutes an unsatisfactory answer to a well-posed research question, and that alternative promising routes have been long mapped out but only recently explored. In particular, we discuss a recent agent-based, truly non-Walrasian macroeconomic model, and we use it to envisage new challenges for future research.
Year of publication: |
2006-08
|
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Authors: | Gaffeo, E. ; Catalano, M. ; Clementi, F. ; Gatti, D. Delli ; Gallegati, M. ; Russo, A. |
Institutions: | arXiv.org |
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