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Post Walrasian Macroeconomics
Beyond the Dynamic Stochastic General Equilibrium Model

$57.99 (P)

Axel Leijonhufvud, David Colander, Perry Mehrling, Peter Hans Matthews, William A. Brock, Steven N. Durlauf, William A. Branch, Masanao Aoki, Leigh Tesfatsion, Robert L. Axtell, Blake LeBaron, Kevin D. Hoover, Roger E. A. Farmer, Robert Basmann, Søren Johansen, Katarina Juselius, Russell W. Cooper, Peter Howitt
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  • Date Published: July 2006
  • availability: Available
  • format: Paperback
  • isbn: 9780521684200

$ 57.99 (P)

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About the Authors
  • Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium (DSGE) model that serves as a foundation for thinking about macro policy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in complexity theory, automated general to specific econometric modeling, agent-based models, and non-linear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis.

    • State of the art perspectives on macro theory from many of the world's leading theorists and methodologists
    • Also useful as a course book or supplementary textbook in graduate macroeconomics
    • Includes a historical section that surveys the development of macroeconomics
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    Reviews & endorsements

    "This impressive book contains contributions from some of the most inquisitive minds in economics.... [It] provides an excellent well as clear indications of the direction that macroeconomics is moving toward." - Eastern Economic Journal

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    Product details

    • Date Published: July 2006
    • format: Paperback
    • isbn: 9780521684200
    • length: 438 pages
    • dimensions: 229 x 153 x 24 mm
    • weight: 0.59kg
    • contains: 9 tables
    • availability: Available
  • Table of Contents

    Part I. Where We Are in Macro and How We Got There:
    1. Stories from the haunted vault: notes on a century of macroeconomics
    2. Post Walrasian macroeconomics: some historic links
    3. The DSGE model and the post Walrasian alternative in historical perspective
    4. Who is post Walrasian man?
    Part II. Edging Away from the DSGE Model:
    5. Social interactions and macroeconomics
    6. Macroeconomics and model uncertainty
    7. Restricted perceptions equilibria and learning in macroeconomics
    8. Not more so: some concepts outside the DSGE framework
    Part III. Leaping Away from the DSGE Model:
    9. Agent-based computational modeling and macroeconomics
    10. Multi-agent systems macro: a prospectus
    11. Agent-based financial markets: matching stylized facts with style
    Part IV. Doing More Good than Harm: Roles of Business and Government in Critical Infrastructure Protection:
    12. Characteristics of resilient systems and organizations
    13. Networks and interdependencies
    14. Public - private risk-sharing: the case of terrorism risk coverage
    15. Learning from experience: drawing correct analogies? Letting the data guide theory
    16. The past as the future: the Marshallian approach to post Walrasian macro
    17. Old world econometrics and New World theory
    18. Four entrenched notions post Walrasians should avoid
    19. Confronting the economic model with the data
    20. Extracting information from the data: a European view on empirical macro
    Part V. Policy Implications:
    21. Economic policy in the presence of coordination problems
    22. Monetary policy and the limitations of economic knowledge.

  • Instructors have used or reviewed this title for the following courses

    • Economic Modeling and Simulation
  • Editor

    David Colander, Middlebury College, Vermont
    David Colander has been the Christian A. Johnson Distinguished Professor of Economics at Middlebury College, Middlebury, Vermont since 1982. He previously taught at Columbia University, Vassar College, and the University of Miami. Professor Colander has authored, co-authored, or edited more than 35 books and 100 articles on a wide range of topics. His books have been, or are being, translated into a number of different languages, including Chinese, Bulgarian, Polish, Italian, and Spanish. He is a former President of both the Eastern Economic Association and History of Economics Society and is, or has been, on the editorial boards of the Journal of the History of Economic Thought, Journal of Economic Methodology, Eastern Economic Journal, Journal of Economic Education, The Journal of Socioeconomics, and Journal of Economic Perspectives. He has also been a consultant to Time-Life Films, the U.S. Congress, a Brookings Policy Fellow, and a Visiting Scholar at Nuffield College, Oxford. In 2001–2002 he was the Kelly Professor of Distinguished Teaching at Princeton University.


    Axel Leijonhufvud, David Colander, Perry Mehrling, Peter Hans Matthews, William A. Brock, Steven N. Durlauf, William A. Branch, Masanao Aoki, Leigh Tesfatsion, Robert L. Axtell, Blake LeBaron, Kevin D. Hoover, Roger E. A. Farmer, Robert Basmann, Søren Johansen, Katarina Juselius, Russell W. Cooper, Peter Howitt

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