A New Micro-Foundation for Keynesian Economics

Hiroshi Yoshikawa

Discussion papers from Research Institute of Economy, Trade and Industry (RIETI)

Abstract: Standard micro-founded macroeconomics starts with optimization exercises to derive the precise behavior of the representative agent and regards the macroeconomy as a homothetic enlargement of a micro agent. This paper takes a different approach and presents a new micro-foundation for Keynesian economics. The key concept is stochastic macro-equilibrium, which is a natural extension of the labor search theory.

Pages: 11 pages
Date: 2012-04
New Economics Papers: this item is included in nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:eti:dpaper:12025

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