Details about Masanao Aoki

This author is deceased (2018-07-24).

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Short-id: pao1

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Working Papers

2010

1. Non-Self-Averaging in Macroeconomic Models: A Criticism of Modern Micro-founded Macroeconomics
   CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo
   Also in Economics Discussion Papers, Kiel Institute for the World Economy (IfW Kiel) (2007) View citations (8)
   Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) (2007) View citations (2)
   See also Journal Article Non-self-averaging in macroeconomic models: a criticism of modern micro-founded macroeconomics, Journal of Economic Interaction and Coordination, Springer (2012) View citations (6) (2012)

2008

2. Macroeconomic Relaxation: Adjustment Processes of Hierarchical Economic Structures
   Economics Discussion Papers, Kiel Institute for the World Economy (IfW Kiel) View citations (1)
   See also Journal Article Macroeconomic Relaxation: Adjustment Processes of Hierarchical Economic Structures, Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel) (2009) View citations (2) (2009)
3. The Nature of Equilibrium in Macroeconomics: A Critique of Equilibrium Search Theory
   Economics Discussion Papers, Kiel Institute for the World Economy (IfW Kiel)
   See also Journal Article The nature of equilibrium in macroeconomics: A critique of equilibrium search theory, Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel) (2009) View citations (2) (2009)

2006

4. Growth Patterns of Two Types of Macro-Models: Limiting Behavior of One-and Two-Parameter Poisson-Dirichlet Models
   CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo
   See also Chapter Growth Patterns of Two Types of Macro-Models: Limiting Behavior of One- and Two-Parameter Poisson–Dirichlet Models, Chapters, Edward Elgar Publishing (2008) (2008)
5. Long-run Behavior of Macroeconomic Models with Heterogeneous Agents: Asymptotic Behavior of One- and Two-Parameter Poisson-Dirichlet Distributions
   CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo
6. Patterns of Non-exponential Growth of Macroeconomic Models: Two-parameter Poisson-Dirichlet Models
   CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo
   See also Journal Article Patterns of Non-exponential Growth of Macroeconomic Models: Two-Parameter Poisson-Dirichlet Models, Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore (2007) (2007)
7. Patterns of Non-exponential Growth of Macroeconomic Models: Two-parameter Poisson-Dirichlet Models (Forthcoming in "Rivista Internazionale di Scienze Sociali", cxv No.1, pp. 109-125, 2007. )
   CARF F-Series, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo
8. Thermodynamic Limits of Macroeconomic or Financial Models: One-and Two-Parameter Poisson-Dirichlet Models
   CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo View citations (5)
   Also in UCLA Economics Online Papers, UCLA Department of Economics View citations (6)
   See also Journal Article Thermodynamic limits of macroeconomic or financial models: One- and two-parameter Poisson-Dirichlet models, Journal of Economic Dynamics and Control, Elsevier (2008) View citations (7) (2008)
9. Thermodynamic Limits of Macroeconomic or Financial Models: One-and Two-Parameter Poisson-Dirichlet Models (Forthcoming in "Journal of Economic Dynamics and Control", 2007. )
   CARF F-Series, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo View citations (6)

2005

10. A New Stochastic Framework for Macroeconomics: Some Illustrative Examples
    UCLA Economics Online Papers, UCLA Department of Economics
11. Cluster Size Distributions of Heterogeneous Economic Agents: Are there non-self-averaging phenomena in economics?
    CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo
12. Effects of Demand Managements on Sector Sizes and Okun's Law
    UCLA Economics Online Papers, UCLA Department of Economics
    Also in UCLA Economics Online Papers, UCLA Department of Economics (2005)
13. Effects of Demand Share Patterns and Allocative Disturbances on GDP, Okun's Law and the Beveridge Curves
    UCLA Economics Online Papers, UCLA Department of Economics
14. Effects of Demand Share Patterns on GDP, Okun's Law, Beveridge Curves, and Sector Sizes
    Computing in Economics and Finance 2005, Society for Computational Economics
15. Four Ingredients for New Approaches to Macroeconomic Modeling
    UCLA Economics Online Papers, UCLA Department of Economics
    See also Chapter Four Ingredients for New Approaches to Macroeconomic Modeling, Springer Books, Springer (2006) (2006)
16. Statistical Physics and Combinatorial Stochastic Processes in Macroeconomic Modelings by M. Aoki and H. Yoshikawa
    UCLA Economics Online Papers, UCLA Department of Economics

2004

17. A New Model of Labor Dynamics: Ultrametrics, Okun's Law, and Transient Dynamics
    UCLA Economics Online Papers, UCLA Department of Economics View citations (1)
    See also Chapter A New Model of Labor Dynamics: Ultrametrics, Okun's Law, and Transient Dynamics, Lecture Notes in Economics and Mathematical Systems, Springer (2005) (2005)
18. New Frameworks for Macroeconomic Modelings: Some Illustrative Examples
    UCLA Economics Online Papers, UCLA Department of Economics View citations (1)
19. Two Sources of Macroeconomic Sluggishness: Ultrametric Tree Structures and Entropic Barriers
    UCLA Economics Online Papers, UCLA Department of Economics

2003

20. A Simple Quantity Adjustment Model of Economic Fluctuations and Growth
    UCLA Economics Online Papers, UCLA Department of Economics View citations (2)
21. Applications of Exchangeable Random Partitions to Economic Modeling
    UCLA Economics Online Papers, UCLA Department of Economics View citations (1)
22. The Long Stagnation and Monetary Policy in Japan: A Theoretical Explanation
    UCLA Economics Online Papers, UCLA Department of Economics View citations (1)
23. Uncertainty, Policy Ineffectiveness, and Long Stagnation of the Macroeconomy
    CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo View citations (2)
    Also in UCLA Economics Online Papers, UCLA Department of Economics (2003) View citations (2)
    See also Journal Article Uncertainty, policy ineffectiveness, and long stagnation of the macroeconomy, Japan and the World Economy, Elsevier (2006) View citations (3) (2006)

2002

24. Growth and Fluctuations of Personal Income
    Papers, arXiv.org View citations (10)
    See also Journal Article Growth and fluctuations of personal income, Physica A: Statistical Mechanics and its Applications, Elsevier (2003) View citations (39) (2003)
25. Open Models of Share Markets with Two Dominant Types of Participants
    UCLA Economics Online Papers, UCLA Department of Economics View citations (17)
    See also Journal Article Open models of share markets with two dominant types of participants, Journal of Economic Behavior & Organization, Elsevier (2002) View citations (24) (2002)

2001

26. A New Model of Economic Fluctuations and Growth
    CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo View citations (1)
27. Modeling Aggregate Behavior and Fluctuations in Economics: Stochastic Views of Interacting Agents
    UCLA Economics Online Papers, UCLA Department of Economics View citations (11)

2000

28. Assymetrical Cycles and Equilibrium Selection in Finitary Evolutionary Economic Models
    UCLA Economics Online Papers, UCLA Department of Economics
29. Cluster Size Distribution of Economics Agents of Many Types in Market
    UCLA Economics Online Papers, UCLA Department of Economics View citations (6)
30. Demand Creation and Economic Growth
    UCLA Economics Online Papers, UCLA Department of Economics
    Also in CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo (1999) View citations (7)

1999

31. Stochastic Views on Diamond Search Model: Asymmetrical Cycles and Fluctuations
    UCLA Economics Online Papers, UCLA Department of Economics

1992

32. Analysis of U.S. Real GNP and Unemployment Interactions: State Space Approach
    UCLA Economics Working Papers, UCLA Department of Economics View citations (1)
    See also Journal Article Analysis of US real GNP and unemployment interactions: State space approach, Journal of Economic Dynamics and Control, Elsevier (1993) View citations (1) (1993)
33. Interactions of Real GNP Business Cycles in a Three Country Time Series Model
    UCLA Economics Working Papers, UCLA Department of Economics View citations (2)

1991

34. Stochastic Aggregation and Dynamic Field Effects
    UCLA Economics Working Papers, UCLA Department of Economics
35. Two Complementary Representations of Multiple Time Series in State Space Innovation Forms
    UCLA Economics Working Papers, UCLA Department of Economics View citations (1)

1989

36. Comparisons of alternative identification schemes for the U.S. real GNP- unemployment level correlation: sensitivity analysis
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis
37. Instrumental variable estimators for state space models
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis
38. Structural changes in the real GNP interdependence of the U.S., West Germany, and Japan during the period 1970-1986
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis

1988

39. A State Space Time Series Modeling Method Without Prior Detrending
    UCLA Economics Working Papers, UCLA Department of Economics

1987

40. Evidence of Unit Roots and Co-integration in the Time Series for US GNP, MI and CPI
    UCLA Economics Working Papers, UCLA Department of Economics
41. How to Build State Space Models for Nonstationary Time Series and How to Measure Random Walk Components
    UCLA Economics Working Papers, UCLA Department of Economics View citations (1)
42. The Stock-Flow Analysis of Investment
    UCLA Economics Working Papers, UCLA Department of Economics View citations (2)

1982

43. Export Boom and Dutch Disease: A Dynamic Analysis
    UCLA Economics Working Papers, UCLA Department of Economics View citations (2)

Undated

44. A New Non-ergodic Endogenous Growth Model
    UCLA Economics Online Papers, UCLA Department of Economics
45. Long Run Behavior of Macroeconomy with Several Types of Agents: Non-self averaging phenomena in Macroeconomics
    UCLA Economics Online Papers, UCLA Department of Economics
46. Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes
    UCLA Economics Online Papers, UCLA Department of Economics View citations (15)
47. Statistical Description of Market Shares in Emergent Market
    Working Papers, University of California at Los Angeles, Center for Computable Economics

Journal Articles

2012

1. Non-self-averaging in macroeconomic models: a criticism of modern micro-founded macroeconomics
   Journal of Economic Interaction and Coordination, 2012, 7, (1), 1-22 View citations (6)
   See also Working Paper Non-Self-Averaging in Macroeconomic Models: A Criticism of Modern Micro-founded Macroeconomics, CIRJE F-Series (2010) (2010)

2010

2. Asymmetric information and macroeconomic dynamics
   Physica A: Statistical Mechanics and its Applications, 2010, 389, (17), 3565-3571 View citations (12)
3. Non-self-averaging and the statistical mechanics of endogenous macroeconomic fluctuations
   Economic Modelling, 2010, 27, (6), 1543-1546 View citations (5)

2009

4. Macroeconomic Relaxation: Adjustment Processes of Hierarchical Economic Structures
   Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), 2009, 3, 1-21 View citations (2)
   See also Working Paper Macroeconomic Relaxation: Adjustment Processes of Hierarchical Economic Structures, Economics Discussion Papers (2008) View citations (1) (2008)
5. The nature of equilibrium in macroeconomics: A critique of equilibrium search theory
   Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), 2009, 3, 1-9 View citations (2)
   See also Working Paper The Nature of Equilibrium in Macroeconomics: A Critique of Equilibrium Search Theory, Economics Discussion Papers (2008) (2008)

2008

6. Dispersion of growth paths of macroeconomic models in thermodynamic limits: two-parameter Poisson–Dirichlet models
   Journal of Economic Interaction and Coordination, 2008, 3, (1), 3-13
7. Thermodynamic limits of macroeconomic or financial models: One- and two-parameter Poisson-Dirichlet models
   Journal of Economic Dynamics and Control, 2008, 32, (1), 66-84 View citations (7)
   See also Working Paper Thermodynamic Limits of Macroeconomic or Financial Models: One-and Two-Parameter Poisson-Dirichlet Models, CIRJE F-Series (2006) View citations (5) (2006)

2007

8. Patterns of Non-exponential Growth of Macroeconomic Models: Two-Parameter Poisson-Dirichlet Models
   Rivista Internazionale di Scienze Sociali, 2007, 115, (1), 109-125
   See also Working Paper Patterns of Non-exponential Growth of Macroeconomic Models: Two-parameter Poisson-Dirichlet Models, CIRJE F-Series (2006) (2006)

2006

9. Stock Prices and the Real Economy: Power Law versus Exponential Distributions
   Journal of Economic Interaction and Coordination, 2006, 1, (1), 45-73 View citations (4)
10. Uncertainty, policy ineffectiveness, and long stagnation of the macroeconomy
    Japan and the World Economy, 2006, 18, (3), 261-272 View citations (3)
    See also Working Paper Uncertainty, Policy Ineffectiveness, and Long Stagnation of the Macroeconomy, CIRJE F-Series (2003) View citations (2) (2003)

2003

11. Growth and fluctuations of personal income
    Physica A: Statistical Mechanics and its Applications, 2003, 321, (3), 598-604 View citations (39)
    See also Working Paper Growth and Fluctuations of Personal Income, Papers (2002) View citations (10) (2002)

2002

12. Demand saturation-creation and economic growth
    Journal of Economic Behavior & Organization, 2002, 48, (2), 127-154 View citations (58)
    See also Chapter Demand saturation – creation and economic growth, Chapters, 2004 (2004) (2004)
13. Open models of share markets with two dominant types of participants
    Journal of Economic Behavior & Organization, 2002, 49, (2), 199-216 View citations (24)
    See also Working Paper Open Models of Share Markets with Two Dominant Types of Participants, UCLA Economics Online Papers (2002) View citations (17) (2002)

2000

14. A NEW LOOK AT THE DIAMOND SEARCH MODEL: STOCHASTIC CYCLES AND EQUILIBRIUM SELECTION IN SEARCH EQUILIBRIUM
    Macroeconomic Dynamics, 2000, 4, (4), 487-505 View citations (6)

1998

15. SIMPLE MODEL OF ASYMMETRICAL BUSINESS CYCLES: INTERACTIVE DYNAMICS OF A LARGE NUMBER OF AGENTS WITH DISCRETE CHOICES
    Macroeconomic Dynamics, 1998, 2, (4), 427-442 View citations (11)

1995

16. ECONOMIC FLUCTUATIONS WITH INTERACTIVE AGENTS: DYNAMIC AND STOCHASTIC EXTERNALITIES
    The Japanese Economic Review, 1995, 46, (2), 148-165 View citations (18)

1994

17. Modeling economic time series by forward and backward state space innovation models and IV estimators
    European Journal of Operational Research, 1994, 73, (2), 265-278
18. New macroeconomic modeling approaches: Hierarchical dynamics and mean-field approximation
    Journal of Economic Dynamics and Control, 1994, 18, (3-4), 865-877 View citations (6)

1993

19. Analysis of US real GNP and unemployment interactions: State space approach
    Journal of Economic Dynamics and Control, 1993, 17, (3), 385-399 View citations (1)
    See also Working Paper Analysis of U.S. Real GNP and Unemployment Interactions: State Space Approach, UCLA Economics Working Papers (1992) View citations (1) (1992)

1992

20. Inefficient Information Aggregation as a
    Bulletin of Economic Research, 1992, 44, (4), 251-79 View citations (4)

1991

21. A STATE SPACE TIME SERIES MODELLING METHOD WITHOUT INDIVIDUAL DETRENDING
    Journal of Time Series Analysis, 1991, 12, (1), 1-26

1989

22. A method for approximate representation of vector-valued time series and its relation to two alternatives
    Journal of Econometrics, 1989, 42, (2), 181-199 View citations (12)

1988

23. An instrumental variables interpretation of linear systems theory estimation
    Journal of Economic Dynamics and Control, 1988, 12, (1), 49-54 View citations (7)
24. Cointegration, Error Correction, and Aggregation in Dynamic Models: A Comment
    Oxford Bulletin of Economics and Statistics, 1988, 50, (1), 89-95 View citations (1)
25. Nonstationarity, cointegration, and error correction in economic modeling: Editor's introduction and overview
    Journal of Economic Dynamics and Control, 1988, 12, (2-3), 199-201
26. On alternative state space representations of time series models
    Journal of Economic Dynamics and Control, 1988, 12, (2-3), 595-607 View citations (5)

1987

27. An alternative measure of random walk components in time series
    Economics Letters, 1987, 24, (3), 227-230 View citations (1)
28. No unit root conditions for bivariate series when a component univariate series has a unit root
    Economics Letters, 1987, 25, (4), 323-327
29. Studies of Economic Interdependence by State-Space Modelling of Time Series: U.S. Japan Example
    Annals of Economics and Statistics, 1987, (6-7), 225-252

1986

30. Approximate state space models of some vector-valued macroeconomic time series for cross-country comparisons
    Journal of Economic Dynamics and Control, 1986, 10, (1-2), 149-155 View citations (1)
31. Asset price bubbles from poorly aggregated information: A parametric example
    Economics Letters, 1986, 21, (1), 49-52 View citations (3)
32. Dynamic Adjustment Behaviour to Anticipated Supply Shocks in a Two-Country Model
    Economic Journal, 1986, 96, (381), 80-100 View citations (2)
33. Effects of anticipated central bank actions on Tobin's Q, share prices and exchange rate in a small open economy
    European Economic Review, 1986, 30, (2), 285-304 View citations (1)

1985

34. Misadjustment to anticipated shocks: an example of exchange-rate response
    Journal of International Money and Finance, 1985, 4, (3), 415-420 View citations (6)
35. Monetary reaction functions in a small open economy
    Journal of Economic Dynamics and Control, 1985, 9, (1), 1-24

1984

36. The identical country assumption and CPI inflation adjustment processes in a two-country world under flexible exchange rate regime
    Economics Letters, 1984, 16, (1-2), 119-122

1983

37. A fundamental inequality to compare dynamic effects of real and asset sector disturbances in a three-country model of the world under alternative exchange rate regimes
    Economics Letters, 1983, 11, (3), 263-267 View citations (1)
38. Oil export boom and Dutch-disease: A dynamic analysis
    Resources and Energy, 1983, 5, (3), 219-242 View citations (23)

1980

39. A comparative dynamic analysis of a growth model under alternate policy regimes
    Journal of Macroeconomics, 1980, 2, (1), 1-39
40. Note on Comparative Dynamic Analysis
    Econometrica, 1980, 48, (5), 1319-25 View citations (1)
41. The Role of Fiscal Policy in a Financially Disaggregated Macroeconomic Model: A Comment
    Journal of Money, Credit and Banking, 1980, 12, (3), 552-56

1979

42. Do national variables converge to world averages?
    Economics Letters, 1979, 2, (1), 59-65
43. Perturbation and robustness analysis of a closed macroeconomic model
    Journal of Economic Dynamics and Control, 1979, 1, (1), 3-37
44. Reduced Forms of Rational Expectations Models*
    The Quarterly Journal of Economics, 1979, 93, (1), 59-71 View citations (10)
45. Sufficient Conditions for Control of Target Variables and Assignment of Instruments in Dynamic Macroeconomic Models
    International Economic Review, 1979, 20, (3), 605-16 View citations (3)

1978

46. Conditions for short-run stability of a small open economy under flexible exchange rates
    Economics Letters, 1978, 1, (2), 157-162
47. On patterns of dynamic interdependence in a two-country world under flexible exchange rates
    Economics Letters, 1978, 1, (4), 371-377

1977

48. A note on the stability of the interaction of monetary policies
    Journal of International Economics, 1977, 7, (1), 81-94 View citations (3)

1976

49. Cybernetics and Macroeconomics: A Comment
    Economic Inquiry, 1976, 14, (2), 251-58
50. On decentralized stabilization policies and dynamic assignment problems
    Journal of International Economics, 1976, 6, (2), 143-171 View citations (2)

1975

51. On a Generalization of Tinbergen's Condition in the Theory of Policy to Dynamic Models
    The Review of Economic Studies, 1975, 42, (2), 293-296 View citations (3)

1974

52. Local Controllability of a Decentralized Economic System
    The Review of Economic Studies, 1974, 41, (1), 51-63 View citations (1)
53. Non-interacting control of macroeconomic variables: Implications on policy mix condiderations
    Journal of Econometrics, 1974, 2, (3), 261-281

1973

54. Approximation scheme for evaluating some terminal capital stock
    Journal of Economic Theory, 1973, 6, (3), 317-319
55. On Sufficient Conditions for Optimal Stabilization Policies
    The Review of Economic Studies, 1973, 40, (1), 131-138 View citations (2)

Books

2011

1. Reconstructing Macroeconomics
   Cambridge Books, Cambridge University Press View citations (1)
   Also in Cambridge Books, Cambridge University Press (2007) View citations (29)

2004

2. Modeling Aggregate Behavior and Fluctuations in Economics
   Cambridge Books, Cambridge University Press View citations (13)
   Also in Cambridge Books, Cambridge University Press (2001) View citations (6)

1998

3. New Approaches to Macroeconomic Modeling
   Cambridge Books, Cambridge University Press View citations (21)

Chapters

2011

1. Non-Self-Averaging Phenomena in Macroeconomics: Neglected Sources of Uncertainty and Policy Ineffectiveness
   Palgrave Macmillan

2008

2. Growth Patterns of Two Types of Macro-Models: Limiting Behavior of One- and Two-Parameter Poisson–Dirichlet Models
   Chapter 6 in Macroeconomics in the Small and the Large, 2008
   See also Working Paper Growth Patterns of Two Types of Macro-Models: Limiting Behavior of One-and Two-Parameter Poisson-Dirichlet Models, CIRJE, Faculty of Economics, University of Tokyo (2006) (2006)

2006

3. Dynamics of Interacting Strategies
   Springer
4. Four Ingredients for New Approaches to Macroeconomic Modeling
   Springer
   See also Working Paper Four Ingredients for New Approaches to Macroeconomic Modeling, UCLA Department of Economics (2005) (2005)
5. Why Macroeconomic Price Indices are Sluggish in Large Economies ?
   Springer

2005

6. A New Model of Labor Dynamics: Ultrametrics, Okun's Law, and Transient Dynamics
   Springer
   See also Working Paper A New Model of Labor Dynamics: Ultrametrics, Okun's Law, and Transient Dynamics, UCLA Department of Economics (2004) View citations (1) (2004)
7. Modeling a Large Number of Agents by Types: Models as Large Random Decomposable Structures
   Springer

2004

8. Demand saturation – creation and economic growth
   Chapter 4 in The Economics of an Ageing Population, 2004
   See also Journal Article Demand saturation-creation and economic growth, Elsevier (2002) View citations (58) (2002)

1977

9. Macroeconomic Policy in a Dynamic Two Country Model
   A chapter in Annals of Economic and Social Measurement, Volume 6, number 5, 1977, pp 631-650

1974

10. On Some Price Adjustment Schemes
    A chapter in Annals of Economic and Social Measurement, Volume 3, number 1, 1974, pp 95-115 View citations (1)