| Description |
1 online resource |
| Series |
Physics of Society: Econophysics and Sociophysics |
|
Physics of society.
|
| Contents |
Cover -- Interactive Macroeconomics -- Series Page -- Title -- Copyright -- Dedication -- Contents -- Figures -- Tables -- Preface -- CHAPTER 1: Introduction -- 1.1 Why are We Here? -- 1.2 Aggregation and Interaction -- 1.3 The Road Ahead -- 1.4 Structure of the Book -- 1.4.1 Three possible reading paths -- Part I Methodological Notes and Tools -- CHAPTER 2: The State Space Notion -- 2.1 Introduction -- 2.2 The State Space Notion -- CHAPTER 3: The Master Equation -- 3.1 Introduction -- 3.2 The Master Equation: A General Introduction -- 3.2.1 The mechanics inside -- 3.2.2 On the meaning of the ME -- 3.3 The Markov Hypothesis -- 3.3.1 The simplest case -- 3.3.2 A generalization -- 3.3.3 Stationary solution -- 3.4 Moments Dynamics -- 3.4.1 Basics on moments -- 3.4.2 Exact dynamic estimators -- 3.4.3 Mean-field dynamic estimators -- 3.5 Concluding Remarks -- Part II Applications to HIA Based Models -- A Premise Before Applications -- CHAPTER 4: Financial Fragility and Macroeconomic Dynamics I: Heterogeneity and Interaction -- 4.1 Introduction -- 4.2 A Financial Fragility ABM -- 4.2.1 Goal of the model -- 4.2.2 Main assumptions -- 4.2.3 States of financial soundness -- 4.2.4 The microeconomic behaviour -- 4.2.5 The optimal programing rule -- 4.2.6 Macroeconomic effects and parametrization -- 4.3 Macroeconomic Inference of Stochastic Dynamics -- 4.3.1 The ME applied to the ABM -- 4.3.2 The ME transition rates from the ABM -- 4.3.3 The ME solution to the ABM -- 4.4 Results of Monte Carlo Simulations -- 4.4.1 The simulation procedure -- 4.4.2 Economic scenarios and inference -- 4.5 Concluding Remarks -- CHAPTER 5: Financial Fragility and Macroeconomic Dynamics II: Learning -- 5.1 Introduction -- 5.2 A Financial Fragility ABM -- 5.2.1 Main assumptions -- 5.2.2 Goal of the model -- 5.2.3 The microeconomic behaviour |
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5.3 Macroeconomic Inference of Stochastic Dynamics -- 5.3.1 The ME applied to the ABM -- 5.3.2 The ME transition rates from the ABM -- 5.3.3 The ME solution to the ABM -- 5.4 Monte Carlo Scenarios and Simulation Results -- 5.4.1 The simulation procedure -- 5.4.2 Economic scenarios and inference -- 5.5 Concluding Remarks -- Part III Conclusions -- CHAPTER 6: Conclusive Remarks -- 6.1 The Relevance of this Book -- 6.2 Current Work and Possible Future Developments -- 6.2.1 Thinking atoms -- 6.2.2 Towards a comprehensive representation of the economy -- Part IV Appendices and Complements -- Appendix A: Complements to Chapter 3 -- Appendix B: Solving the ME to Solve the ABM -- B.1 The Discrete ME in General -- B.2 The ME: An Inferential Technique for ABM -- B.3 The Canonical Expansion of the ME -- B.4 Rewriting the ME -- B.4.1 The l.h.s. of the ME -- B.4.2 The r.h.s. of the ME -- B.5 The Approximation of the ME -- B.6 The Dynamic System -- B.6.1 The macroscopic equation: drift dynamic estimator -- B.6.2 The Fokker-Planck equation -- Stationary solution -- General solution -- B.6.3 Inference from the Fokker-Planck equation -- Using the FP: fluctuations dynamic estimators -- The dual problem: fluctuation estimators -- B.7 A Summary and the Results -- B.7.1 The steps taken -- B.7.2 The solution of the ME solving the ABM -- Appendix C: Specifying Transition Rates -- C.1 Heterogeneity and Interaction: Migrations and Movements -- C.2 Two Perspectives on the Transition Rates -- C.3 A Unified Methodology -- C.3.1 The structural interpretation -- C.3.2 A taxonomy and examples -- C.3.3 The phenomenological interpretation -- C.4 Interpretation -- C.5 Implementation -- C.6 Concluding Comments -- References -- Index |
| Summary |
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 |
| Bibliography |
Includes bibliographical references and index |
| Notes |
Online resource; title from PDF title page (viewed August 8, 2017) |
| Subject |
Macroeconomics.
|
|
Macroeconomics
|
| Form |
Electronic book
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| Author |
Landini, Simone, author.
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|
Gallegati, M. (Mauro), author.
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| ISBN |
9781108182898 |
|
1108182895 |
|
