Economic Theory - General & Miscellaneous, Macroeconomics - General & Miscellaneous, Microeconomics, Econometrics
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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.Editorials
Booknews
Evaluates the use of representative agent models in macroeconomics. Identifies three justifications for the modern use of these models: as a way to avoid the Lucas critique, in the construction of Walrasian models, and as a microfoundation for macroeconomics. Illustrates how these models are inadequate to these tasks, and evaluates the goals themselves, finding that the Lucas critique is unworkable, Walrasian methodology is not useful for macroeconomic study, and rigorous microfoundations are neither possible nor desirable. Annotation c. by Book News, Inc., Portland, Or.Book Details
Published
July 3, 1997
Publisher
Taylor & Francis, Inc.
ISBN
9780203018682