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A New Micro-Foundation for Keynesian Economics

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  • Hiroshi Yoshikawa
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    Abstract

    The 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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    File URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T45W035216140H67
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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.

    Volume (Year): 46 (2012)
    Issue (Month): 2 (June)
    Pages: 429-438

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    Handle: RePEc:mes:jeciss:v:46:y:2012:i:2:p:429-438

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    Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei

    Related research

    Keywords: Keynesian economics; micro-foundation;

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