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The Keynesian Micro-Foundations of the Business Cycle: Some Implications of Globalization

In: What Global Economic Crisis?

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  • Paul Ormerod

Abstract

In this chapter, we develop a microeconomic model of short-term output growth based upon interacting, heterogeneous individual agents operating under uncertainty according to Keynesian principles. Agents are heterogeneous and follow simple non-rational rules of behaviour which take into account each other’s behaviour. The model is deliberately parsimonious, and the agents do not exhibit learning behaviour. It is not necessary to invoke any form of exogenous shock in the model, and the cycle is purely endogenous, essentially arising from the existence of heterogeneous agents operating under uncertainty.

Suggested Citation

  • Paul Ormerod, 2001. "The Keynesian Micro-Foundations of the Business Cycle: Some Implications of Globalization," Palgrave Macmillan Books, in: Philip Arestis & Michelle Baddeley & John McCombie (ed.), What Global Economic Crisis?, chapter 10, pages 203-218, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-99274-6_10
    DOI: 10.1057/9780333992746_10
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    Cited by:

    1. Xiongzhi Chen, 2015. "Explicit solutions to a vector time series model and its induced model for business cycles," Papers 1510.04346, arXiv.org.

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