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dc.contributor.authorWright, Ianen_US
dc.date.accessioned2009-08-12T07:14:55Z-
dc.date.available2009-08-12T07:14:55Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/27477-
dc.description.abstractA large market economy has a huge number of degrees of freedom with weak microlevel coordination. The ‘implicit microfoundations' approach assumes this property of micro-level interactions more strongly conditions macro-level outcomes compared to the precise details of individual choice behavior; that is, the ‘particle' nature of individuals dominates their ‘mechanical' nature. So rather than taking an ‘explicit microfoundations' approach, in which individuals are represented as ‘white-box' sources of fully-specified optimizing behavior (rational agents), we instead represent individuals as ‘black box' sources of unpredictable noise subject to objective constraints (zero-intelligence agents). To illustrate the potential of the approach we examine a parsimonious, agent-based macroeconomic model with implicit microfoundations. It generates many of the reported empirical distributions of capitalist economies, including the distribution of income, firm sizes, firm growth, GDP and recessions.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kiel-
dc.relation.ispartofseriesEconomics Discussion Papers / Institut für Weltwirtschaft 2008-41en_US
dc.subject.jelE11en_US
dc.subject.jelP16en_US
dc.subject.jelD50en_US
dc.subject.jelC63en_US
dc.subject.jelB41en_US
dc.subject.jelA12en_US
dc.subject.ddc330en_US
dc.subject.keywordMicro foundationsen_US
dc.subject.keywordmacroeconomicsen_US
dc.subject.keywordaggregationen_US
dc.subject.keywordpower lawsen_US
dc.subject.stwMikroökonomische Fundierungen_US
dc.subject.stwAgent-based Modelen_US
dc.subject.stwAggregationen_US
dc.subject.stwMakroökonomiken_US
dc.subject.stwMarktwirtschaften_US
dc.subject.stwWahrscheinlichkeitsrechnungen_US
dc.subject.stwTheorieen_US
dc.titleImplicit Microfoundations for Macroeconomicsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn588119652en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifwedp:7462-
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers

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