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Implicit Microfoundations for Macroeconomics
Wright, Ian P. - 2011
microfoundations' approach assumes this property of micro-level interactions more strongly conditions macro-level outcomes compared to …‘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 …
Persistent link: https://www.econbiz.de/10013132214
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Non-Self-Averaging in Macroeconomic Models : A Criticism of Modern Micro-Founded Macroeconomics
Aoki, Masanao - 2011
Using a simple stochastic growth model, this paper demonstrates that the coefficient of variation of aggregate output or GDP does not necessarily go to zero even if the number of sectors or economic agents goes to infinity. This phenomenon known as non-self-averaging implies that even if the...
Persistent link: https://www.econbiz.de/10013132339
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Microfoundations and Macro Implications of Indivisible Labor
Mulligan, Casey B. - 1999
I show that the indivisible labor' models of Diamond and Mirrlees (1978, 1986), Hansen (1985), Rogerson (1988), Christiano and Eichenbaum (1992), and many others are, when aggregated across persons with the same marginal utility of income, equivalent to the divisible labor model of Lucas and...
Persistent link: https://www.econbiz.de/10012471678
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Microfoundations and Macroeconomics : 20 Years
Cachanosky, Nicolas - 2020
This paper summarizes Horwitz's contributions in Micro-foundations and Macroeconomics: An Austrian Perspective and …'s denomination of capital theory as a “missing link” in economic theory …
Persistent link: https://www.econbiz.de/10012837835
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Microfoundations and Macro Implications of Indivisible Labor
Mulligan, Casey B. - 2021
I show that the indivisible labor' models of Diamond and Mirrlees (1978, 1986), Hansen (1985), Rogerson (1988), Christiano and Eichenbaum (1992), and many others are, when aggregated across persons with the same marginal utility of income, equivalent to the divisible labor model of Lucas and...
Persistent link: https://www.econbiz.de/10013223873
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Incomplete Information in Macroeconomics : Accommodating Frictions in Coordination
Angeletos, George-Marios; Lian, Chen - 2021
This chapter studies how incomplete information helps accommodate frictions in coordination, leading to novel insights on the joint determination of expectations and macroeconomic outcomes. We review and synthesize recent work on global games, beauty contests, and their applications. We...
Persistent link: https://www.econbiz.de/10013224988
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Inventories and Sticky Prices : More on the Microfoundations of Macroeconomics
Blinder, Alan S. - 2021
The role of inventories in making prices "sticky" is studied by analyzing a dynamic linear-quadratic model of a monopoly firm facing stochastic demand, but able to store its finished goods in inventory. It is shown that, in contrast to the usual presumption, firms that exhibit the smallest...
Persistent link: https://www.econbiz.de/10013240575
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The visible hand : synergetic microfoundation of macroeconomic dynamics
Koblo, Reiner - 1991
Persistent link: https://www.econbiz.de/10013278061
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On the Microfoundations of Macroeconomics*
Rizvi, Abu - 2013
Persistent link: https://www.econbiz.de/10012881474