Aggregation and the Microfoundations of Dynamic Macroeconomics
Language: English
Published by Oxford University Press, 1998
- Hardcover
- New
Condition: New
£ 180.66
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This text on macroeconomics includes coverage of: discrepancies between micro and macromodels existence and uniqueness of the macromodel dynamic analysis of the macromodel and related topics.
Seller Inventory # 594404501
- Title
- Aggregation and the Microfoundations of Dynamic Macroeconomics
- Author
- Mario (Professor of Economics, Professor of Economics, University of Modena) Forni|Marco (Full Professor of Economics, Faculty of Statistics, Full Professor of Economics, Faculty of Statistics, Universita di Roma \"La Sapienza\") Lippi
- Publisher
- Oxford University Press
- Publication year
- 1998
- Condition
- New
- Binding
- Hardcover
- Language
- English
- ISBN 10
- 019828800X
- ISBN 13
- 9780198288008
Here this simplification is systematically questioned. In Part I the homogeneity assumption is tested using disaggregate data and strongly rejected. As shown in Part II, the consequence of introducing heterogeneity is that, apart from flukes, cointegration unidirectional Granger causality, restrictions on parameters do not survive aggregation: thus the claim that modern macroeconomics has solid microfoundations is unwarranted.
However, it is argued in Part III that aggregation is not necessarily bad. Some important theory-based models that do not fit aggregate data well in their representative-agent version can be reconciled with aggregate data by introducing heterogeneity.
"Synopsis" may belong to another edition of this title.
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