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  3. Interactive Macroeconomics
Publisher:
Cambridge University Press
Online publication date:
July 2017
Print publication year:
2016
Online ISBN:
9781108182898
DOI:
https://doi.org/10.1017/9781108182898
Subjects:
Economics, Econophysics and Financial Physics, Physics and Astronomy, Econometrics and Mathematical Methods, Economic Theory
Series:
Physics of Society: Econophysics and Sociophysics
Information

Book description

One of the major problems of macroeconomic theory is the way in which the people exchange goods in decentralized market economies. There are major disagreements among macroeconomists regarding tools to influence required outcomes. Since the mainstream efficient market theory fails to provide an internal coherent framework, there is a need for an alternative theory. The book provides an innovative approach for the analysis of agent based models, populated by the heterogeneous and interacting agents in the field of financial fragility. The text is divided in two parts; the first presents analytical developments of stochastic aggregation and macro-dynamics inference methods. The second part introduces macroeconomic models of financial fragility for complex systems populated by heterogeneous and interacting agents. The concepts of financial fragility and macroeconomic dynamics are explained in detail in separate chapters. The statistical physics approach is applied to explain theories of macroeconomic modelling and inference.

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