Aggregation and the Microfoundations of Dynamic Macroeconomics (The ASSET Series),Used

Aggregation and the Microfoundations of Dynamic Macroeconomics (The ASSET Series),Used

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SKU: SONG019828800X
Brand: Clarendon Press
$249.83
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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 theorybased models that do not fit aggregate data well in their representativeagent version can be reconciled with aggregate data by introducing heterogeneity.

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