Interactive Macroeconomics
Stochastic Aggregate Dynamics with Heterogeneous and Interacting Agents
Simone Landini author Mauro Gallegati author Corrado Di Guilmi author
Format:Hardback
Publisher:Cambridge University Press
Published:4th Apr '17
Currently unavailable, and unfortunately no date known when it will be back
This book describes the analysis of macroeconomic agent based models using the tools of statistical mechanics.
This book discusses the statistical physics approach in economics and its application to macroeconomic modelling and inference. It offers a systematic treatment of concepts to create an alternative micro foundation framework for widespread adoption. The text offers mathematical and computational analysis to develop heterogeneous interacting agents.One of the major problems of macroeconomic theory is the way in which the people exchange goods in decentralized market economies. There are major disagreements among macroeconomists regarding tools to influence required outcomes. Since the mainstream efficient market theory fails to provide an internal coherent framework, there is a need for an alternative theory. The book provides an innovative approach for the analysis of agent based models, populated by the heterogeneous and interacting agents in the field of financial fragility. The text is divided in two parts; the first presents analytical developments of stochastic aggregation and macro-dynamics inference methods. The second part introduces macroeconomic models of financial fragility for complex systems populated by heterogeneous and interacting agents. The concepts of financial fragility and macroeconomic dynamics are explained in detail in separate chapters. The statistical physics approach is applied to explain theories of macroeconomic modelling and inference.
ISBN: 9781107198944
Dimensions: 237mm x 160mm x 20mm
Weight: 520g
302 pages