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Stochastic Macro-equilibrium and Microfoundations for the Keynesian Economics| old_uid | 12107 |
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| title | Stochastic Macro-equilibrium and Microfoundations for the Keynesian Economics |
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| start_date | 2013/02/15 |
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| schedule | 15h30 |
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| online | no |
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| location_info | salle1 |
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| summary | In place of the standard search equilibrium, this paper presents an
alternative concept of stochastic macro-equilibrium based on the principle of
statistical physics. This concept of equilibrium is motivated by unspecifiable
differences of economic agents and the presence of all
kinds of micro shocks in the macroeconomy. Our model mimics the empirically
observed distribution of labor productivity. The distribution of productivity
resulting from the matching
of workers and firms depends crucially on aggregate demand. When aggregate
demand rises,
more workers are employed by firms with higher productivity while at the same
time, the unemployment rate declines. The model provides correct
micro-foundation for Keynes’ principle of effective demand. |
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| responsibles | Berestycki, Nadal |
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