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243 records from EconBiz based on author Name
1. Macroeconomic Relaxation : Adjustment Processes of Hierarchical Economic Structures
abstractWe show how time-dependent macroeconomic response follows from microeconomic dynamics using linear response theory and a time-correlation formalism. This theory provides a straightforward approach to time-dependent macroeconomic model construction that preserves the heterogeneity and complex dynamics of microeconomic agents. We illustrate this approach by examining the relationship between output and demand as mediated by changes in unemployment, or Okun's law. We also demonstrate that time dependence implies overshooting and how this formalism leads to a natural definition of economic friction
Hawkins, Raymond J.; Aoki, Masanao;2017
Availability: Link Link
2. Complexity, heterogeneity, and the methods of statistical physics in in economics : essays in memory of Masanao Aoki
Aoyama, Hideaki; Aruka, Yūji; Yoshikawa, Hiroshi; Aoki, Masanao;2020
Type: Aufsatzsammlung; Beiträge
Availability: Link
3. Complexity, heterogeneity, and the methods of statistical physics in in economics : essays in memory of Masanao Aoki
abstractIntroduction to the volume by Alan Kirman -- Part I Finitary methods of statistical equilibrium -- 1.Enrico Scalas, University of Sussex, “Continuum and thermodynamic limits for a wealth -- distribution stylised model” -- 2. Doyn Farmer Oxford University, Mauro Galegatti, Corrado di Guilumi and Shimon Landini, “Applications of statistical physics for rebuilding macroeconomics” -- 3. Raymond Hawkins, University of California Berkley, “Information, Inattention, and the Discount Function” -- 4. Juergen Mimkes, University of Paderborn -- 5. Hiroshi Yoshikawa, University of Tokyo/Rissho University -- 6. Yuji Aruka, Chuo University, Japan, “Aoki's Japanese textbook of stochastic economic dynamics” -- 7. Didier Sornette, ETH zurich -- 8. rank Schweitzer, ETH Zurich -- Part II Data driven analysis by econophysic -- 9. Hideaki Aoyama, Kyoto University, “Hodge decomposition of Economic Networks” -- 10. Yoshi Fujiwara, University of Hyogo, “Non -- self Averaging and Economic Network” -- 11. Yuichi Ikeda, Kyoto University, “Simple Interacting Agent Models with Reconstructed Economic Data” -- 12. Hiroshi Iyetomi, Niigata University, “Collective Phenomena in Economic Systems” -- 13. Hiroyasu Inoue, University of Hyogo, “Reactions of economy toward various disasters calculated by firm -- level simulation” -- 14. Rosario Mantegna, University of Parelmo, Eugene Stanley, Boston University -- 15. Wataru Souma, Nihon University, „Income distribution, inequality, and entropy” -- 16. Thomas Lux, University of Kiel.
Aoyama, Hideaki; Aruka, Yūji; Yoshikawa, Hiroshi; Aoki, Masanao;2020
Type: Festschrift; Gedächtnisschrift
Availability: Link
4. Macroeconomic relaxation : adjustment processes of hierarchical economic structures
abstractWe show how time-dependent macroeconomic response follows from microeconomic dynamics using linear response theory and a time-correlation formalism. This theory provides a straightforward approach to time-dependent macroeconomic model construction that preserves the heterogeneity and complex dynamics of microeconomic agents. We illustrate this approach by examining the relationship between output and demand as mediated by changes in unemployment, or Okun's law. We also demonstrate that time dependence implies overshooting and how this formalism leads to a natural definition of economic friction. -- Macroeconomic adjustment process ; microeconomic dynamics ; aggregation ; anelastic relaxation ; Okun's law ; time-correlation formalism ; ultrametric, hierarchical, minimal spanning tree ; overshooting ; economic friction
Hawkins, Raymond S.; Aoki, Masanao;2009
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link
5. The nature of equilibrium in macroeconomics : a critique of equilibrium search theory
abstractThe standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor is equal across firms and industries. However, productivity dispersion is widely observed in the real economy. Search theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework. Taking up Lucas and Prescott (1974) as a primary example, we show that the neoclassical search theory cannot explain the observed pattern of productivity dispersion. Non-self-averaging, a concept little known to economists, plays the major role. Empirical observation suggests strongly the presence of disturbing forces which dominate equilibrating forces due to optimizing behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in macroeconomics. -- Equilibrium ; search theory ; productivity dispersion ; power-law ; non-self-averaging
Aoki, Masanao; Yoshikawa, Hiroshi;2009
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link
6. Macroeconomic relaxation : adjustment processes of hierarchical economic structures
abstractWe show how time-dependent macroeconomic response follows from microeconomic dynamics using linear response theory and a time-correlation formalism. This theory provides a straightforward approach to time-dependent macroeconomic model construction that preserves the heterogeneity and complex dynamics of microeconomic agents. We illustrate this approach by examining the relationship between output and demand as mediated by changes in unemployment, or Okun's law. We also demonstrate that time dependence implies overshooting and how this formalism leads to a natural definition of economic friction. -- Macroeconomic adjustment process ; microeconomic dynamics ; aggregation ; anelastic relaxation ; Okun's law ; time-correlation formalism ; ultrametric, hierarchical, minimal spanning tree ; overshooting, economic friction
Hawkins, Raymond J.; Aoki, Masanao;2008
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
7. The nature of equilibrium in macroeconomics : a critique of equilibrium search theory
abstractThe standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor is equal across firms and industries. However, productivity dispersion is widely observed in the real economy. Search theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework. Taking up Lucas and Prescott (1974) as a primary example, we show that the neoclassical search theory cannot explain the observed pattern of productivity dispersion. Non-self-averaging, a concept little known to economists, plays the major role. Empirical observation suggests strongly the presence of disturbing forces which dominate equilibrating forces due to optimizing behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in macroeconomics. -- Equilibrium ; search theory ; productivity dispersion ; power-law ; non-selfaveraging
Aoki, Masanao; Yoshikawa, Hiroshi;2008
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
8. Non-self-averaging in macroeconomic models : a criticism of modern micro-founded macroeconomics
abstractUsing a simple stochastic growth model, this paper demonstrates that the coefficient of variation of aggregate output or GDP does not necessarily go to zero even if the number of sectors or economic agents goes to infinity. This phenomenon known as non-self-averaging implies that even if the number of economic agents is large, dispersion can remain significant, and, therefore, that we can not legitimately focus on the means of aggregate variables. It, in turn, means that the standard microeconomic foundations based on the representative agent has little value for they are expected to provide us with accurate dynamics of the means of aggregate variables. The paper also shows that non-self-averaging emerges in some representative urn models. It suggests that non-self-averaging is not pathological but quite generic. Thus, contrary to the main stream view, micro-founded macroeconomics such as a dynamic general equilibrium model does not provide solid micro foundations.
Aoki, Masanao; Yoshikawa, Hiroshi;2007
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link
9. Non-self-averaging in macroeconomic models : a criticism of modern micro-founded macroeconomics
Aoki, Masanao; Yoshikawa, Hiroshi;2007
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability:
10. Non-self-averaging in macroeconomic models : a criticism of modern micro-founded macroeconomics
Aoki, Masanao; Yoshikawa, Hiroshi;2012
Type: Aufsatz in Zeitschrift; Article in journal;