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Könyv Aggregation and the Microfoundations of Dynamic Macroeconomics Mario Forni

Aggregation and the Microfoundations of Dynamic Macroeconomics

Szerző: Mario Forni, Marco Lippi
Nyelv: Angol
Kötés: Kemény kötésű
Kiadó: Oxford University Press
Elérhetőség: Kiadói készleten rendelésre
Küldés 17-26 napon belül
87 190 Ft
This book argues that modern macroeconomics has completely overlooked the aggregate nature of the da...

Információk a könyvről

Szerző
Mario Forni, Marco Lippi
Nyelv
Angol
Kötés
Könyv - Kemény kötésű
Kiadva
1997
oldal
254
EAN
9780198288008
ISBN
019828800X
Enbook ID
04524966
Kiadó
Oxford University Press
Súly
522
Méretek
163 x 242 x 19

Teljes leírás

This book argues that modern macroeconomics has completely overlooked the aggregate nature of the data. Standard models start with intertemporally maximizing agents and obtain dynamic equations linking economic variables like consumption, income, investment interest rate and employment. Such equations exhibit testable properties like cointegration, definite patterns of Granger causality, and restrictions on the parameters. The usual simplification that agents are identical leads to testing these properties directly on aggregate data. 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.

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