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Aggregation & the Microfoundations of Dynamic Macroecomics (The Sset Series) - Hardcover

Forni, Mario; Lippi, Marco

 
9780198288008: Aggregation & the Microfoundations of Dynamic Macroecomics (The Sset Series)
Hardcover
ISBN 10: 019828800X ISBN 13: 9780198288008
Verlag: Oxford University Press, 1998

Inhaltsangabe

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.

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Verlag
Oxford University Press
Erscheinungsdatum
1998
Sprache
Englisch
ISBN 10 
019828800X
ISBN 13 
9780198288008
Einband
Gebundene Ausgabe
Auflage
1
Anzahl der Seiten
254
Kontakt zum Hersteller
Nicht verfügbar
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