Overview

Rpresentative agent models have become a predominant means of studying the macroeconomy in modern economics without there being much discussion in the literature about their propriety or usefulness. This volume evaluates the use of these models in macroeconomics, examining the justifications for their use and concluding that representative agent models are neither a proper nor a particularly useful means of studying aggregate behaviour.

Full Product Details

Author:   James E Hartley ,  James E. Hartley
Publisher:   Taylor & Francis Ltd
Imprint:   Routledge
Dimensions:   Width: 15.60cm , Height: 1.30cm , Length: 23.40cm
Weight:   0.340kg
ISBN:  

9781138866126

ISBN 10:   1138866121
Pages:   240
Publication Date:   02 December 2014
Audience:   College/higher education ,  Tertiary & Higher Education
Format:   Paperback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Part I Why representative agents?1 INTRODUCTION 2 THE ORIGINS OF THE REPRESENTATIVE AGENT 3 ARGUMENT FOR THE NEW CLASSICAL USE OF REPRESENTATIVE AGENT MODELS Part II The Lucas Critique 4 BEYOND TASTE AND TECHNOLOGY PARAMETERS IN MACROECONOMICS Part III The Walrasian tradition 5 WALRASIAN METHODOLOGY 6 MARSHALLIAN METHODOLOGY 7 THE NEW CLASSICALS AS WALRASIAN ECONOMISTS Part IV Microfoundations 8 MICROFOUNDATIONS: AUSTRIAN STYLE 9 THE TRADITIONAL CASE FOR MICROFOUNDATIONS 10 THE AGGREGATION PROBLEM 11 INDIVIDUAL AND MARKET EXPERIMENTS 12 THE REPRESENTATIVE AGENT VERSUS MICROFOUNDATIONS 13 THE MYTH OF MICROFOUNDATIONS Part V Whither macroeconomics? 14 AFTER REPRESENTATIVE AGENT MODELS

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Author Information

James E. Hartley is Assistant Professor of Economics at Mount Holyoke College, Massachusetts

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