ABSTRACT

Rpresentative agent models have become a predominant means of studying the macroeconomy in modern economics without there being much discussion in the literature about their propriety or usefulness. This volume evaluates the use of these models in macroeconomics, examining the justifications for their use and concluding that representative agent models are neither a proper nor a particularly useful means of studying aggregate behaviour.

part I|30 pages

Why Representative Agents?

part II|26 pages

The Lucas Critique

part III|46 pages

The Walrasian Tradition

part IV|92 pages

Microfoundations

part V|10 pages

Whither Macroeconomics?