Local aggregation in a dynamic setting
AbstractAlthough it is not possible, in general, to give a macro description of a micro model over the entire state space of the micro model, it is possible to aggregate exactly over a subspace. The set of micro states where aggregation is possible forms the aggregation set. The paper considers the local (linear) case. The macro model is chosen such that it gives rise to an aggregation set which is approached by the micro movements as fast as possible. The inferred macro model describes trajectories of the aggregate quantities towards which the "true" trajectories of these quantities, as generated by the micro model, are tending.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Economics Zeitschrift für Nationalökonomie.
Volume (Year): 51 (1990)
Issue (Month): 3 (October)
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Web page: http://www.springerlink.com/link.asp?id=108909
Other versions of this item:
- C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
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Cowles Foundation Discussion Papers
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- Adolf Wagner, 2004. "Statistische Adäquation bei Fortentwicklung der makrökonomischen Wirtschaftstheorie," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 224(5), pages 612-625, September.
- Krysiak, Frank C. & Krysiak, Daniela, 2002. "Aggregation of Dynamic Systems and the Existence of a Regeneration Function," Journal of Environmental Economics and Management, Elsevier, vol. 44(3), pages 517-539, November.
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