The Representative Agent in MacroeconomicsRoutledge, 4 січ. 2002 р. - 240 стор. Rpresentative agent models have become a predominant means of studying the macroeconomy in modern economics without there being much discussion in the literature about their propriety or usefulness. This volume evaluates the use of these models in macroeconomics, examining the justifications for their use and concluding that representative agent models are neither a proper nor a particularly useful means of studying aggregate behaviour. |
Зміст
| 3 | |
| 4 | |
| 6 | |
| 9 | |
| 12 | |
| 16 | |
| 19 | |
| 20 | |
Austrian methodology | 106 |
The Austrian rejection of macroeconomics | 107 |
The representative agent | 113 |
Ideal types and representative agents | 115 |
Addendum | 117 |
THE TRADITIONAL CASE FOR MICROFOUNDATIONS | 120 |
The microfoundations tradition | 123 |
What are microfoundations anyway? | 127 |
| 23 | |
The Walrasian tradition | 26 |
Microfoundations | 29 |
Dicussion | 30 |
The Lucas critique | 31 |
BEYOND TASTE AND TECHNOLOGY PARAMETERS IN MACROECONOMICS | 33 |
Theoretical considerations | 34 |
An examination of Lucas 1976 | 37 |
An example | 40 |
Additional notes | 47 |
Representative agents and the Lucas critique | 52 |
Is it time to dispense with the Lucas critique? | 53 |
The Walrasian tradition | 57 |
WALRASIAN METHODOLOGY | 59 |
The role of mathematics | 62 |
Assumptions in Walrasian methodology | 64 |
The representative agent assumption | 66 |
The fundamental theorems? | 68 |
MARSHALLIAN METHODOLOGY | 73 |
Mathematics in Marshallian methodology | 75 |
The role of assumptions | 77 |
Partial equilibrium | 78 |
Milton Friedman | 80 |
The representative agent | 82 |
THE NEW CLASSICALS AS WALRASIAN ECONOMISTS | 84 |
Friendmans comments on Lange | 91 |
The new classical representative agent in a Walrasian model | 101 |
Microfoundations | 103 |
MICROFOUNDATIONS AUSTRIAN STYLE | 105 |
Where does the representative agent fit in? | 130 |
THE AGGREGATION PROBLEM | 132 |
The basic theoretical results | 133 |
Extensions | 135 |
Responses | 142 |
INDIVIDUAL AND MARKET EXPERIMENTS | 147 |
Hansen and Sargent 1980 | 149 |
Halls permanent income model | 155 |
Concluding note | 157 |
THE REPRESENTATIVE AGENT VERSUS MICROFOUNDATIONS | 158 |
Market clearing and rational expectations | 162 |
Micro theory | 166 |
The fallacy of composition | 170 |
Concluding note | 174 |
THE MYTH OF MICROFOUNDATIONS | 176 |
What foundation? | 177 |
Aggregation gain | 182 |
Theory of the firm | 184 |
The macroeconomy as a social system | 186 |
General equilibrium theory | 189 |
Concluding note | 194 |
Whither Macroeconomics? | 195 |
AFTER REPRESENTATIVE AGENT MODELS | 197 |
Whither macroeconomics? | 200 |
Notes | 205 |
Bibliography | 211 |
Index | 224 |
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The Representative Agent in Macroeconomics James E Hartley,James E. Hartley Обмежений попередній перегляд - 2002 |
Загальні терміни та фрази
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