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Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road?

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Author Info
E. Gaffeo
M. Catalano
F. Clementi
D. Delli Gatti
M. Gallegati
A. Russo

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Abstract

In this paper we sketch some reflections on the pitfalls and inconsistencies of the research program - currently dominant among the profession - aimed at providing microfoundations to macroeconomics along a Walrasian perspective. We argue that such a methodological approach constitutes an unsatisfactory answer to a well-posed research question, and that alternative promising routes have been long mapped out but only recently explored. In particular, we discuss a recent agent-based, truly non-Walrasian macroeconomic model, and we use it to envisage new challenges for future research.

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File URL: http://arxiv.org/abs/physics/0608148
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Paper provided by arXiv.org in its series Quantitative Finance Papers with number physics/0608148.

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Date of creation: Aug 2006
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Publication status: Published in Physica A: Statistical Mechanics and its Applications, Vol: 382, Issue: 1, 1 August 2007, pp: 89-97
Handle: RePEc:arx:papers:physics/0608148

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