Arbeitspapier
Top-down versus bottom-up macroeconomics
I distinguish two types of macroeconomic models. The first type are top-down models in which some or all agents are capable of understanding the whole picture and use this superior information to determine their optimal plans. The second type are bottom-up models in which all agents experience cognitive limitations. As a result, these agents are only capable of understanding and using small bits of information. These are models in which agents use simple rules of behavior. These models are not devoid of rationality. Agents in these models behave rationally in that they are willing to learn from their mistakes. These two types of models produce a radically different macroeconomic dynamics. I analyze these differences.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 3020
- Klassifikation
-
Wirtschaft
General Aggregative Models: General
Business Fluctuations; Cycles
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- Thema
-
DSGE-model
imperfect information
heuristics
animal spirits
Makroökonomik
Dynamisches Gleichgewicht
Sunspot
Unvollkommene Information
Mikroökonomische Fundierung
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
De Grauwe, Paul
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- De Grauwe, Paul
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2010
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