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Macroeconomics from the Bottom-up
Gatti, Domenico Delli; Desiderio, Saul; Gaffeo, Edoardo; Cirillo, Pasquale; Gallegati, Mauro
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Description for Macroeconomics from the Bottom-up
Hardback. This book arises from a conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. It offers the first complete analysis of an agent-based macroeconomic model, from theoretical foundation to empirical testing. Series: New Economic Windows. Num Pages: 136 pages, 3 black & white tables, biography. BIC Classification: KCB. Category: (P) Professional & Vocational. Dimension: 235 x 155 x 15. Weight in Grams: 377.
This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of overcoming the SMD result by recurring to a fictitious RA leads to insurmountable methodological problems and lies at the root of DSGE models’ failure to satisfactorily explain real world features, like exchange rate and banking crises, bubbles and herding in financial markets, swings in the sentiment of consumers and entrepreneurs, asymmetries and persistence in aggregate variables, and so on. At odds with this view, our critique rests on the premise that any modern macroeconomy should be modeled ... Read more
This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of overcoming the SMD result by recurring to a fictitious RA leads to insurmountable methodological problems and lies at the root of DSGE models’ failure to satisfactorily explain real world features, like exchange rate and banking crises, bubbles and herding in financial markets, swings in the sentiment of consumers and entrepreneurs, asymmetries and persistence in aggregate variables, and so on. At odds with this view, our critique rests on the premise that any modern macroeconomy should be modeled ... Read more
Product Details
Format
Hardback
Publication date
2011
Publisher
Springer Verlag Italy
Number of pages
136
Condition
New
Series
New Economic Windows
Number of Pages
124
Place of Publication
Milan, Italy
ISBN
9788847019706
SKU
V9788847019706
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
About Gatti, Domenico Delli; Desiderio, Saul; Gaffeo, Edoardo; Cirillo, Pasquale; Gallegati, Mauro
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Reviews for Macroeconomics from the Bottom-up
From the reviews: “Macroeconomics from the Bottom-up proves that agent-based macroeconomics is finally maturing as a field of research. … Macroeconomics from the Bottom-up can persuade many students that agent-based modeling is one of the best options that economists have for understanding what is currently happening in the real world, i.e. for understanding financial crisis.” (Charlotte Bruun, Journal of ... Read more