The models used in economic theory, though necessarily abstract, should be consistent with the nature of decision … suggested as the appropriate building block for further developing dynamic economic theory …

We show how time-dependent macroeconomic response follows from microeconomic dynamics using linear response theory and … a time-correlation formalism. This theory provides a straightforward approach to time-dependent macroeconomic model …

microfoundations" approach considers this property of micro-level interactions to more strongly determine macro-level outcomes compared … "mechanical" nature. So rather than taking an "explicit microfoundations" approach, in which individuals are represented as "white … examine a parsimonious, agent-based macroeconomic model with implicit microfoundations. It generates many of the reported …