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Theory to the Rescue of Large-scale Models: Edmond Malinvaud's Alternative View on the Search for Microfoundations

Matthieu Renault
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Matthieu Renault: Université de Côte d'Azur

No 2020-27, GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France

Abstract: As a complement to Hoover (2012), this paper addresses the compatibility between the “General Equilibrium†(in particular, the disequilibrium theory†) and the “Aggregation†(i.e. large-scale models) microfoundational programs in the search for microfoundations in macroeconomics. For this purpose, Edmond Malinvaud is an interesting case, for he committed to both microfoundational programs and used to regard them as compatible. This paper brings such compatibility to the forefront through the analysis of Malinvaud's conception of macroeconomics, his alternative view on the search for microfoundations, and his research agenda in disequilibrium theory throughout the 1970s and the 1980s.

Keywords: Microfoundations of Macroeconomics; Edmond Malinvaud; Macroeconometric Modeling; Disequilibrium Theory; New Classical Economics (search for similar items in EconPapers)
Pages: 36 pages
Date: 2020-06
New Economics Papers: this item is included in nep-hpe and nep-mac
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