Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road?

E. Gaffeo, M. Catalano, Fabio Clementi (), Domenico Delli Gatti (), Mauro Gallegati () and Alberto Russo

Quantitative Finance Papers from arXiv.org

Abstract: In this paper we sketch some reflections on the pitfalls and inconsistencies of the research program - currently dominant among the profession - aimed at providing microfoundations to macroeconomics along a Walrasian perspective. We argue that such a methodological approach constitutes an unsatisfactory answer to a well-posed research question, and that alternative promising routes have been long mapped out but only recently explored. In particular, we discuss a recent agent-based, truly non-Walrasian macroeconomic model, and we use it to envisage new challenges for future research.

Date: 2006-08
View citations in EconPapers

Published in Physica A: Statistical Mechanics and its Applications, Vol: 382, Issue: 1, 1 August 2007, pp: 89-97

Downloads: (external link)
http://arxiv.org/abs/physics/0608148 Abstract (text/html)
http://arxiv.org/pdf/physics/0608148 Latest version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:arx:papers:physics/0608148

Access Statistics for this paper

More papers in Quantitative Finance Papers from arXiv.org
Series data maintained by arXiv administrators ().