Emergent Macroeconomics

An Agent-Based Approach to Business Fluctuations
Softcover version of original hardcover Auflage 2008
ISBN: 978-88-470-1561-6
Verlag: Springer Milan

Buch, Englisch, 114 Seiten, Previously published in hardcover, Format (B × H): 155 mm x 235 mm, Gewicht: 207 g

Reihe: New Economic Windows

by exploiting the disequilibrium and non linear relationships among economic aggregates. Prom an empirical point of view, this approach resemblaces the old NBER view, according to which: "the business cycle [. ] consists of - pansions occurring at about the same time in many economic activities, f- lowed by similairly general recessions, contractions, and revivals which merge into the expansion phase of the next cyxle" (Burns and Mitchell, 1946). They add that the movement, although recurrent, is not periodic, lasting from 1 to 12 years, and it is not divisible into shorter cycles. Of course, both approaches are not free from limits and inconsistencies. In spite of the equilibrium approach having nowadays became the workhorse of modern macroeconomics, for example, their users still find enormous d- ficulties in explaining why small shocks produce large fluctuations. A well known argument in multi sector real business cycle models (see e. g. Long and Plosser, 1983) is that as the number of sectors or industries considered in the analysis becomes large, aggregate volatility must tend to zero very quickly. This result, which follows directly from the Law of Large Numbers (LLN), rests on the hypothesis that each sector is periodically buffeted with idiosyncratic, identically and independently distributed shocks to Total F- tor Productivity (TFP).

Zielgruppe

Professional/practitioner

Autoren/Hrsg.

Gatti, Domenico

Gaffeo, Edoardo

Palestrini, Antonio

Gallegati, Mauro

Giulioni, Gianfranco

Fachgebiete

• Mathematik | Informatik EDV | Informatik Informatik Berechenbarkeitstheorie, Komplexitätstheorie
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen
• Mathematik | Informatik Mathematik Numerik und Wissenschaftliches Rechnen Angewandte Mathematik, Mathematische Modelle
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Makroökonomie
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Geldwirtschaft, Währungspolitik
• Wirtschaftswissenschaften Volkswirtschaftslehre Wirtschaftssysteme, Wirtschaftsstrukturen

Inhaltsverzeichnis

Crucial Issues.- Stylized Facts of Industrial Dynamics: The Distribution of Firms’ Size.- Stylized Facts in Industrial Dynamics: Exit, Productivity, Income.- An Agent-based Model.- Where Do We Go from Here?.