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New Approaches to Macroeconomic Modeling

New Approaches to Macroeconomic Modeling,Masanao Aoki

New Approaches to Macroeconomic Modeling   (Citations: 65)
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This book contributes substantively to state-of-the-art macroeconomic modeling by providing a method for modeling large collections of heterogeneous agents subject to non-pairwise externality called field effects, i.e. feedback of aggregate effects on individual agents or agents using state-dependent strategies. Adopting a level of microeconomic description which keeps track of compositions of fractions of agents by 'types' or 'strategies', time evolution of the microeconomic states is described by (backward) Chapman-Kolmogorov equations. Macroeconomic dynamics naturally arise by expansion of the solution in some power series of the number of participants. Specification of the microeconomic transition rates thus leads to macroeconomic dynamic models. This approach provides a consistent way for dealing with multiple equilibria of macroeconomic dynamics by ergodic decomposition and associated calculations of mean first passage times, and stationary probabilities of equilibria further provide useful information on macroeconomic behavior.
Published in 1996.
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    • ...Interaction among agent is modelled by means of the mean-field approximation (Aoki, 1996) that, basically, consists in reducing the vector of observations for a variable over a population to a single value...
    • ...2Namely, Aoki (1996, 2002); Aoki and Yoshikawa (2006), with a further development pro-...

    Carl Chiarellaet al. The financial instability hypothesis: A stochastic microfoundation fra...

    • ...In this article we will concentrate our attention on aggregate behaviour modelling according to the perspective of Masanao Aoki (Aoki 1996, 2002; Aoki and Yoshikawa 2006), providing formal and technical insights into his methodology of modelling aggregate behaviour...
    • ...In economics this procedure was introduced by Aoki (1996) and in physics it was firstly introduced by Kubo et al. (1973) and here we will show how to get their results in a simple way using the master equation...
    • ...Aoki (1996, 2002) and Aoki and Yoshikawa (2006) in economics to study the aggregate behaviour and fluctuations...
    • ...16 This is also what Aoki (1996, 2002) does and Aoki and Yoshikawa (2006) but he does not stress the...
    • ...18 Usually t = τ means this difference on scale, see Aoki (1996, 2002 )a ndAoki and Yoshikawa (2006)...
    • ...The equation (51) is the same obtained by Aoki (1996) and Kubo et al. (1973), and the equation (52) is the same given by Kubo while Aoki does not consider the last component −r ∂θ(y,r ) ∂ y ...
    • ...which, according to Aoki (1996), is a Riccati equation and can be solved...
    • ...Since we think that macrovariables should be analyzed at their own scale level and that their fluctuations as well as their dynamics are due to heterogeneity and interaction processes of system’s constituents, we follow Aoki’s methodology (Aoki 1996, 2002; Aoki and Yoshikawa 2006) based on statistical mechanics...

    Simone Landiniet al. A Statistical Mechanic View of Macro-dynamics in Economics

    • ...(2) Discrete Choice Theory and Extreme Value Distributions...

    Masanao Aokiet al. Uncertainty, policy ineffectiveness, and long stagnation of the macroe...

    • ...More detailed accounts are available in Aoki (1996, 2002); Aoki and Yoshikawa (2002, 2003, 2005); and Aoki, Yoshikawa, and Shimizu (2003)...
    • ...I have shown in Aoki (1996, p. 136), Aoki (1998), and Aoki (2002, p.44) that this mean value is governed by the differential equation...

    Masanao Aoki. A New Stochastic Framework for Macroeconomics: Some Illustrative Examp...

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