A New Micro-Foundation for Keynesian Economics
AbstractThe standard micro-founded macroeconomics starts with optimization exercises to derive the precise behavior of the representative agent, and regards the macroeconomy as a homothetic enlargement of a micro agent. This paper takes a different approach, and presents a new micro-foundation for Keynesian economics. The key concept is stochastic macro-equilibrium. It is a natural extension of the labor search theory.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.
Volume (Year): 46 (2012)
Issue (Month): 2 (June)
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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei
Keynesian economics; micro-foundation;
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