Aggregation and the Microfoundations of Dynamic Macroeconomics (The ASSET Series) Book + PRICE WATCH * Amazon pricing is not included in price watch

Aggregation and the Microfoundations of Dynamic Macroeconomics (The ASSET Series) Book

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.Read More

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  • Product Description

    Through careful methodological analysis, this book argues that modern macroeconomics has completely overlooked the aggregate nature of the data. In Part I, the authors test and reject the homogeneity assumption using disaggregate data. In Part II, they demonstrate that apart from random flukes, cointegration unidirectional Granger causality and restrictions on parameters do not survive aggregation when heterogeneity is introduced. They conclude that the claim that modern macroeconomics has solid microfoundations is unwarranted. However, 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.

  • 019828800X
  • 9780198288008
  • Mario Forni, Marco Lippi
  • 9 October 1997
  • Clarendon Press
  • Hardcover (Book)
  • 256
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