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Post Walrasian Macroeconomics - Beyond the Dynamic Stochastic General Equilibrium Model (Hardcover)
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Post Walrasian Macroeconomics - Beyond the Dynamic Stochastic General Equilibrium Model (Hardcover)
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Macroeconomics is evolving in an almost dialectic fashion. The
latest evolution is the development of a new synthesis that
combines insights of new classical, new Keynesian and real business
cycle traditions into a dynamic, stochastic general equilibrium
(DSGE) model that serves as a foundation for thinking about macro
policy. That new synthesis has opened up the door to a new
antithesis, which is being driven by advances in computing power
and analytic techniques. This new synthesis is coalescing around
developments in complexity theory, automated general to specific
econometric modeling, agent-based models, and non-linear and
statistical dynamical models. This book thus provides the reader
with an introduction to what might be called a Post Walrasian
research program that is developing as the antithesis of the
Walrasian DSGE synthesis.
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