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Non-Self-Averaging in Macroeconomic Models : A Criticism of Modern Micro-founded Macroeconomics
http://hdl.handle.net/2261/50202
http://hdl.handle.net/2261/50202d6f81f73-0270-4005-b803-ec0176636270
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2013-05-31 | |||||
| タイトル | ||||||
| タイトル | Non-Self-Averaging in Macroeconomic Models : A Criticism of Modern Micro-founded Macroeconomics | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Macroeconomics | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Microeconomic foudnations | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Non-self averaging | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Ewens distribution | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 著者 |
Aoki, Masanao
× Aoki, Masanao× Yoshikawa, Hiroshi |
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| 著者所属 | ||||||
| 著者所属 | Department of Economics, University of California | |||||
| 著者所属 | ||||||
| 著者所属 | Faculty of Economics, University of Tokyo | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | When the coefficient of variation, namely the ratio of the standard deviation over the mean approaches zero as the number of economic agents becomes large, the system is called self-averaging. Otherwise, it is non-selfaveraging. Most economic models take it for granted that economic system is self-averaging. However, they are based on extremely unrealistic assumptions that all the economic agents face the same probability distribution, and that micro shocks are independent. Once these unrealistic assumptions are dropped, non-self-averaging behavior naturally emerges. Using a simple stochastic growth model, this paper demonstrates that the coefficient of variation of aggregate output or GDP does not go to zero even if the number of sectors or economic agents goes to infinity. Non-self-averaging phenomena imply that even if the number of economic agents is large, dispersion could remain significant, and we can not legitimately focus on the means of aggregate variables. It, in turn, means that the standard microeconomic foundations based on representative agents have little value for they are meant to provide us with accurate dynamics of the means of aggregate variables. Contrary to the main stream view, micro-founded macroeconomics such as a dynamic general equilibrium model does not provide solid micro foundations. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 本文フィルはリンク先を参照のこと | |||||
| 書誌情報 |
Discussion paper series. CIRJE-F 巻 CIRJE-F-807, 発行日 2011-07 |
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| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AA11450569 | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 335 | |||||
| 出版者 | ||||||
| 出版者 | 日本経済国際共同センター | |||||
| 出版者別名 | ||||||
| Center for International Research on the Japanese Economy | ||||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2011/2011cf807ab.html | |||||
