Representative Agent in Macroeconomics [NOOK Book]


There has been little discussion in macroeconomic literature about the propriety or usefulness of representative agent models. This volume aims to evaluate the use of these models as a means of studying aggregate behaviour.
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Representative Agent in Macroeconomics

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There has been little discussion in macroeconomic literature about the propriety or usefulness of representative agent models. This volume aims to evaluate the use of these models as a means of studying aggregate behaviour.
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Editorial Reviews

Evaluates the use of representative agent models in macroeconomics. Identifies three justifications for the modern use of these models: as a way to avoid the Lucas critique, in the construction of Walrasian models, and as a microfoundation for macroeconomics. Illustrates how these models are inadequate to these tasks, and evaluates the goals themselves, finding that the Lucas critique is unworkable, Walrasian methodology is not useful for macroeconomic study, and rigorous microfoundations are neither possible nor desirable. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9780203018682
  • Publisher: Taylor & Francis, Inc.
  • Publication date: 7/3/1997
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 678 KB

Table of Contents

Pt. I Why representative agents?
1 Introduction 3
2 The Origins of the Representative Agent 9
3 Argument for the New Classical Use of Representative Agent Models 19
Pt. II The Lucas critique
4 Beyond Taste and Technology Parameters in Macroeconomics 33
Pt. III The Walrasian tradition
5 Walrasian Methodology 59
6 Marshallian Methodology 73
7 The New Classicals as Walrasian Economists 84
Pt. IV Microfoundations
8 Microfoundations: Austrian Style 105
9 The Traditional Case for Microfoundations 120
10 The Aggregation Problem 132
11 Individual and Market Experiments 147
12 The Representative Agent Versus Microfoundations 158
13 The Myth of Microfoundations 176
Pt. V Whither macroeconomics?
14 After Representative Agent Models 197
Notes 205
Bibliography 211
Index 224
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