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dc.contributor.authorDe Grauwe, Paulen_US
dc.date.accessioned2010-05-20en_US
dc.date.accessioned2010-08-18T11:17:59Z-
dc.date.available2010-08-18T11:17:59Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/38896-
dc.description.abstractI distinguish two types of macroeconomic models. The first type are top-down models in which some or all agents are capable of understanding the whole picture and use this superior information to determine their optimal plans. The second type are bottom-up models in which all agents experience cognitive limitations. As a result, these agents are only capable of understanding and using small bits of information. These are models in which agents use simple rules of behavior. These models are not devoid of rationality. Agents in these models behave rationally in that they are willing to learn from their mistakes. These two types of models produce a radically different macroeconomic dynamics. I analyze these differences.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper Fiscal Policy, Macroeconomics and Growth 3020en_US
dc.subject.jelE10en_US
dc.subject.jelE32en_US
dc.subject.jelD83en_US
dc.subject.ddc330en_US
dc.subject.keywordDSGE-modelen_US
dc.subject.keywordimperfect informationen_US
dc.subject.keywordheuristicsen_US
dc.subject.keywordanimal spiritsen_US
dc.subject.stwMakroökonomiken_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwSunspoten_US
dc.subject.stwUnvollkommene Informationen_US
dc.subject.stwMikroökonomische Fundierungen_US
dc.subject.stwTheorieen_US
dc.titleTop-down versus bottom-up macroeconomicsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn626618568en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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