1 rieti discussion paper series 12 e 025 a new micro foundation for keynesian economics yoshikawa hiroshi rieti the research institute of economy trade and industry http www rieti go ...
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...Rieti discussion paper series e a new micro foundation for keynesian economics yoshikawa hiroshi the research institute of economy trade and industry http www go jp en april university tokyo abstract standard founded macroeconomics starts with optimization exercises to derive precise behavior representative agent regards macroeconomy as homothetic enlargement this takes different approach presents key concept is stochastic macro equilibrium which natural extension labor search theory keywords jel classification papers aims at widely disseminating results in form professional thereby stimulating lively views expressed are solely those author s do not represent work supported by program promoting methodological innovation humanities social sciences cross disciplinary fusing japan society promotion science simulation presented was carried out mr yoshiyuki arata grateful him his excellent assistance be american economic association annual meeting th chicago on january introduction has gone...