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A New Micro-Foundation for Keynesian Economics

Author

Listed:
  • Hiroshi YOSHIKAWA

Abstract

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, which is a natural extension of the labor search theory.

Suggested Citation

  • Hiroshi YOSHIKAWA, 2012. "A New Micro-Foundation for Keynesian Economics," Discussion papers 12025, Research Institute of Economy, Trade and Industry (RIETI).
    • Handle: RePEc:eti:dpaper:12025
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    File URL: https://www.rieti.go.jp/jp/publications/dp/12e025.pdf
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    References listed on IDEAS

    as
    1. Aoki,Masanao & Yoshikawa,Hiroshi, 2011. "Reconstructing Macroeconomics," Cambridge Books, Cambridge University Press, number 9781107634206.
    2. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
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    Cited by:

    1. Shoora B. Paudyal Ph.D., 2014. "Determinants of Inflation in Nepal: An Empirical Assessment," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 26(2), pages 61-82, October.

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