Reconstructing Macroeconomics

Editor: Masanao Aoki, University of California, and Hiroshi Yoshikawa, University of Tokyo


Having sound “micro foundations for macroeconomics” has been long taken as building sophisticated optimization of an individual economic agent into a macro model. Thus, the “micro-founded” macroeconomics today begins with optimization of the representative consumer. In stark contrast to this main-stream approach in economics, it is widely recognized in natural sciences such as physics, chemistry, biology, and ecology, that a different approach is necessary when we analyze macro system consisting of a large number of micro units. The guiding principle there is that precise behavior of micro unit is irrelevant; we must resort to statistical approach to macro system as a whole. Why not in macroeconomics? The co-editors of the special issue advocated this idea in their book entitled Reconstructing Macroeconomics, Cambridge University Press, 2007.

We solicit papers that are intrinsically probabilistic, that is, based broadly on the principle of statistical physics. Key words such as power-law (Pareto-Zipf-Gibrat law), and econophysics may give you some idea.

We are particularly interested in knowing implications of the new stochastic approach, for macroeconomics, and how such approach is fruitfully integrated to macroeconomics. These are, however, just suggestions. Any other papers that incorporate significant probabilistic components are welcome.

October 26, 2009 
Masanao Aoki and Hiroshi Yoshikawa  Editors' Introduction


Masanao Aoki and Hiroshi Yoshikawa
The Nature of Equilibrium in Macroeconomics: A Critique of Equilibrium Search Theory
September 30, 2009 | downloads: 3654 | JEL: D50, E50, J64 | recommended by 2 readers
Damien Challet, Sorin Solomon, and Gur Yaari
The Universal Shape of Economic Recession and Recovery after a Shock
September 29, 2009 | downloads: 4157 | JEL: C32, O23, O41 | recommended by 1 reader
Tomohiko Konno
Network Structure of Japanese Firms. Scale-Free, Hierarchy, and Degree Correlation: Analysis from 800,000 Firms
July 01, 2009 | downloads: 2802 | JEL: L16
Sergio Da Silva
Does Macroeconomics Need Microeconomic Foundations?
June 08, 2009 | downloads: 11611 | JEL: B22, B41, C82, D87 | 1 comment | 2 citations (RePEc)
Hideaki Aoyama, Yoshi Fujiwara, Yuichi Ikeda, Hiroshi Iyetomi, and Wataru Souma
Superstatistics of Labour Productivity in Manufacturing and Nonmanufacturing Sectors
June 08, 2009 | downloads: 2273 | JEL: E10, E30, O40 | 3 citations (RePEc)
Ian Wright
Implicit Microfoundations for Macroeconomics
May 11, 2009 | downloads: 3870 | JEL: A12, B41, C63, D50, E11, P16 | recommended by 5 readers | 4 citations (RePEc)
Raymond J. Hawkins and Masanao Aoki
Macroeconomic Relaxation: Adjustment Processes of Hierarchical Economic Structures
May 11, 2009 | downloads: 2340 | JEL: A12, C31, D50, E24, J21 | recommended by 2 readers | 1 citations (RePEc)
Enrico Scalas and Ubaldo Garibaldi
A Dynamic Probabilistic Version of the Aoki–Yoshikawa Sectoral Productivity Model
May 04, 2009 | downloads: 2156 | JEL: A12, C50, D50, J21 | recommended by 3 readers | 2 citations (RePEc)
Wataru Souma, Yuichi Ikeda, Hiroshi Iyetomi, and Yoshi Fujiwara
Distribution of Labour Productivity in Japan over the Period 1996–2006
April 22, 2009 | downloads: 2340 | JEL: C16, E23, L60 | recommended by 1 reader
Atushi Ishikawa
Power-Law and Log-Normal Distributions in Temporal Changes of Firm-Size Variables
April 07, 2009 | downloads: 2485 | JEL: D30, D31, D39 | recommended by 1 reader
Yoshi Fujiwara, Hideaki Aoyama, Yuichi Ikeda, Hiroshi Iyetomi, and Wataru Souma
Structure and Temporal Change of the Credit Network between Banks and Large Firms in Japan
March 16, 2009 | downloads: 2199 | JEL: E51, E52, G21