This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of overcoming the SMD result by recurring to a fictitious RA leads to insurmountable methodological problems and lies at the root of DSGE models’ failure to satisfactorily explain real world features, like exchange rate and banking crises, bubbles and herding in financial markets, swings in the sentiment of consumers and entrepreneurs, asymmetries and persistence in aggregate variables, and so on. At odds with this view, our critique rests on the premise that any modern macroeconomy should be modeled instead as a complex system of heterogeneous interacting individuals, acting adaptively and autonomously according to simple and empirically validated rules of thumb. We call our proposed approach Bottom-up Adaptive Macroeconomics (BAM). The reason why we claim that the contents of this book can be inscribed in the realm of macroeconomics is threefold: i) We are looking for a framework that helps us to think coherently about the interrelationships among two or more markets. In what follows, in particular, three markets will be considered: the markets for goods, labor and loanable funds. In this respect, real time matters: what happens in one market depends on what has happened, on what is happening, or on what will happen in other markets. This implies that intertemporal coordination issues cannot be ignored. ii) Eventually, it’s all about prices and quantities. However, we are mostly interested in aggregate prices and quantities, that is indexes built from the dispersed outcomes of the decentralized transactions of a large population of heterogeneous individuals. Each individual acts purposefully, but she knows anything about the levels of prices and quantities which clear markets in the aggregate. iii) In the hope of being allowed to purport scientific claims, BAM relies on the assumption that individual purposeful behaviours aggregates into regularities. Macro behaviour, however, can depart radically from what the individual units are trying to accomplish. It is in this sense that aggregate outcomes emerge from individual actions and interactions.
Originally published as a serial in "The New Yorker, " this dramatic true-life story of Joseph Duveen--called "the Most Spectacular Art Dealer of All Time"--chronicles how he single-handedly built some of the world's great art collections.
The latest edition of one of the most impressive international literary magazines of our time explores what has happened to the art of the biography. Contributors include Paul Theroux, Ian Hamilton, Amy Tan, John Berger, Nik Cohn, and others. Black-and-white photos throughout.
ACCESS guides are filled with striking graphics, detailed maps and color-coded entries that distinguish hotels, restaurants, shops, parks, and sights. Travelers can venture beyond Venice's Piazza San Marco, Florence's Ponte Vecchio, and Milan's Centro to discover Estrucan frescoes, Roman living quarters, palazzos, basilicas, and more.
Fading charmer Tommy Wilhelm has reached his day of reckoning and is scared. In his forties, he still retains a boyish impetuousness that has brought him to the brink of chaos: he is separated from his wife and children, at odds with his vain, successful father, failed in his acting career (a Hollywood agent once placed him as 'the type that loses the girl') and in a financial mess. In the course of one climactic day he reviews his past mistakes and spiritual malaise, until a mysterious, philosophizing con man grants him a glorious, illuminating moment of truth and understanding, and offers him one last hope ...
Abe Ravelstein est un brillant professeur de l'université de Chicago et un homme qui se targue d'avoir formé tout ce qui compte dans le monde politique. Il a vécu sur un grand pied, largement au-dessus de ses moyens. Son ami Chick, le narrateur, lui a suggéré d'exposer sa philosophie politique dans tin livre destiné au grand public. A sa propre surprise, Ravelstein le fait et devient millionnaire. Durant un séjour à Paris destiné à célébrer ce succès, Ravelstein suggère à son tour à Chick d'écrire un livre star lui et tous deux échangent des pensées sur la mort, la philosophie et l'histoire, les amours et les amis, et des anecdotes dit passé. L'humeur s'assombrit à leur retour dans le Midwest et Ravelstein succombe au sida tandis que Chick lui-même frôle la mort de peu. Le dernier roman de Saul Bellow est un voyage, tantôt sombre, tantôt férocement drôle, à travers l'amour et la mémoire, c'est un hymne à l'amitié et à la vie.
Kenneth Trachtenberg, an expert in Russian history and literature, tries to protect his revered uncle Benn Crader, a world-renowned botanist, from a tangle of family relationships, greed, and the willfullness of the human heart
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