In this paper we report the results of a laboratory experiment, in which we observed the behavior of agents in a simple macroeconomic setting. The structure of the economy was only partially known to the players which is a realistic feature of our experiment. We investigate whether subjects...

A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The 'implicit microfoundations' approach assumes this property of micro-level interactions more strongly conditions macro-level outcomes compared to the precise details of individual choice...

A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The 'implicit microfoundations' approach considers this property of micro-level interactions to more strongly determine macro-level outcomes compared to the precise details of individual choice...

An explication of the key ideas behind the Cointegrated Vector Autoregression Approach. The CVAR approach is related to Haavelmo's famous quot;Probability Approach in Econometricsquot; (1944). It insists on careful stochastic specification as a necessary groundwork for econometric inference and...

This paper studies the fundamentals of the aggregation problem. The concept is most central in understanding the relations between micro and macroeconomics. Though aggregation is mentioned often it is not studied explicitly in this generality - only some special cases are governed so far. The...

The glaring failure of modern macroeconomics to predict the Global Financial Crisis, and to provide remedies for the Great Recession which followed, has led to renewed interest in alternative approaches to Macroeconomics. There is huge amount of ongoing work aimed at creating a Macroeconomics...

I attempt to envision a post-pandemic world in which no vaccine is in place nor herd immunity is achieved, leaving social distancing a persistent feature of the economy that is slowly waking up from its stasis. General trends and some facts from the pandemic motivate initial impressions and...

The commonly used method for representing macroeconomics as a social system is by assuming the existence of a number of agencies (or entities) and of their various connecting links. In practice this is achieved and illustrated by the use of a block-and-flow diagram. For the case being considered...

I survey the so-called "new neoclassical synthesis" literature (that emerged allegedly as a synthesis between the real business cycle and the new Keynesian literatures) and its ubiquitous dynamic stochastic general equilibrium (DGSE) model, emphasizing the current practices in it. This includes...

Through this paper I try to join the lively debate around mainstream economics with a view to calling attention to some methodological aspects. It is aimed at outlining an interpretation based on Max Weber's traditional neoclassical methodology that can help us to find the adequate territory of...