Post Walrasian Macroeconomics : Beyond the Dynamic Stochastic General Equilibrium Model
Book Details
Format
Paperback / Softback
ISBN-10
052168420X
ISBN-13
9780521684200
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
US
Country of Publication
GB
Publication Date
Jul 17th, 2006
Print length
438 Pages
Weight
586 grams
Dimensions
22.80 x 15.40 x 2.30 cms
Product Classification:
Economic theory & philosophyMacroeconomics
Ksh 8,650.00
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This collection outlines a new approach to macroeconomics that employs cutting edge analytic techniques. The volume includes a historical section that surveys the development of macro, along with technical sections on macro modeling, agent-based modeling and cointegrated times series analysis.
Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium (DSGE) model that serves as a foundation for thinking about macro policy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in complexity theory, automated general to specific econometric modeling, agent-based models, and non-linear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis.
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