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A New Micro-Foundation for Keynesian Economics

  • Hiroshi Yoshikawa
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    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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    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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