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Understanding of macroeconomic phenomena based on economic agents' actions
advantages of microfoundations: Microfoundations provides a modelling structure where data may not be very informative. Microfoundations avoids the Lucas
Microfoundations
School of thought in macroeconomics
analysis. This is in contrast with the new Keynesian school that uses microfoundations, such as price stickiness and imperfect competition, to generate macroeconomic
New_classical_macroeconomics
New Keynesians adopted rational expectations and built models with microfoundations of sticky prices that suggested recessions could still be explained
History of macroeconomic thought
History_of_macroeconomic_thought
Behavior of individuals and firms
critique, much of modern macroeconomic theory has been built upon microfoundations—i.e., based upon basic assumptions about micro-level behavior. Microeconomic
Microeconomics
Actor and decision maker in an economic model
stochastic general equilibrium models that are explicitly based on microfoundations, often distinguish households, firms, and governments or central banks
Agent_(economics)
American economist (1926-2011)
of stock-flow analysis in economics and with seminal works on the microfoundations of monetary theory and macroeconomics. Clower is credited with having
Robert_W._Clower
Generally accepted economic schools of thought
classical macroeconomics. Both sought to rebuild macroeconomics using microfoundations to explain macroeconomic phenomena using microeconomics. Over the course
Mainstream_economics
Concept in economics
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Demand_for_money
Macroeconomic method
macroeconomic analysis. They are multifaceted, and their combination of microfoundations and optimising economic behaviour of rational agents allows for a comprehensive
Dynamic stochastic general equilibrium
Dynamic_stochastic_general_equilibrium
Danish economist and organisational theorist
methodological issues in management research (particularly the role of microfoundations), organizational antecedents of entrepreneurship, the history and content
Nicolai_J._Foss
Study of an economy as a whole
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Macroeconomics
Branch of economics covering theories of money
monetary and fiscal policy. Modern analysis has attempted to provide microfoundations for the demand for money and to distinguish valid nominal and real
Monetary_economics
Economic model
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Lucas_islands_model
International relations theory
Recent work into the democratic norms explanations shows that the microfoundations on which this explanation rest do not find empirical support. Within
Democratic_peace_theory
1970s paradigm shift in economic thought, named for American economist Robert Lucas
constraints) that are assumed to govern individual behavior: so-called "microfoundations". If these models can account for observed empirical regularities,
Lucas_critique
Neoclassical economic model
Solow–Swan model by endogenizing the savings rate through explicit microfoundations of consumption behavior: rather than assuming a constant saving rate
Ramsey–Cass–Koopmans_model
Theory of equilibrium between supply and demand
scroll down. pp. 34-58. • _____ (1967). "A Reconsideration of the Microfoundations of Monetary Theory," Western Economic Journal, 6(1), pp. 1–8 (press
General_equilibrium_theory
American economist (1933–2026)
Phelps organized a conference at Penn in support of the research on the microfoundations of inflation and employment determination. The conference papers were
Edmund_Phelps
Shared beliefs and ideas in society
Consciousness Studies, 5 (1) p 72. Tsoukalas, I. (2007). Exploring the Microfoundations of Group Consciousness. Culture and Psychology, 13(1), 39-81. Ernst
Collective_consciousness
Geometric progression ratio that provides a constant rate of return over the time period
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Compound_annual_growth_rate
Postgraduate master's degree
macroeconomic theory and econometrics. At this level, the topics covered are microfoundations and dynamic stochastic general equilibrium, and allow for heterogeneity
Master_of_Economics
Yonghong (2013-05-01). "The Power of Instability: Unraveling the Microfoundations of Bargained Authoritarianism in China". American Journal of Sociology
Elections_in_China
Total market value of goods and services produced within a country
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Gross_domestic_product
All people from about the same time period
2008). "Investing in education as a means and as an end: exploring the microfoundations of the MDGs" (PDF). United Nations Economic Commission for Africa.
Generation
Economics concept
Edition, Warwick University Press, UK. Maarten C. W. Janssen (1993) "Microfoundations: A Critical Inquiry". Routledge. John F. Muth (1961) "Rational Expectations
Rational_expectations
British economist (1883–1946)
microeconomic foundations. New Keynesianism developed models to provide microfoundations for Keynesian economics. It incorporated parts of new classical macroeconomics
John_Maynard_Keynes
Branch of statistics
Christopher H. (June 2002). "Toward a new political methodology: Microfoundations and ART". Annual Review of Political Science. 5 (1): 423–450. doi:10
Causal_inference
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Measures of national income and output
Measures_of_national_income_and_output
Enemies Within: The Global Politics of Fifth Columns as well as The Microfoundations of Diaspora Politics. He is currently working on another book project
Harris_Mylonas
Initiatives to enhance the performance of firms in external environments
1108/SL-05-2023-0056. Barney, Jay; Felin, Teppo (May 2013). "What Are Microfoundations?". Academy of Management Perspectives. 27 (2): 138–155. doi:10.5465/amp
Strategic_management
Economic model
interest-bearing assets. The model was originally developed to provide microfoundations for aggregate money demand functions commonly used in Keynesian and
Baumol–Tobin_model
Social science studying goods and services
other monetarist or new classical ideas, such as models employing microfoundations and optimizing behaviour, but simultaneously emphasized the importance
Economics
Schools of economic thought developed at elite colleges in the 1970s United States
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Saltwater and freshwater economics
Saltwater_and_freshwater_economics
Object or record accepted as payment
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Money
Theory of behavioral economics
= U y y {\displaystyle \beta ^{2}U_{xx}=U_{yy}} . This provides a microfoundation to shed light on the empirical rule. To see how prospect theory can
Prospect_theory
Exploitative and exploratory leadership
Journal. 37(5), 552–563. Eisenhardt, K., Furr, N., & Bingham, C. (2010). Microfoundations of performance: Balancing efficiency and flexibility in dynamic environments
Ambidextrous_leadership
School of macroeconomics
as James Tobin and Franco Modigliani involving more emphasis on the microfoundations of consumption and investment was sometimes called neo-Keynesianism
New_Keynesian_economics
Capability of an organization to adapt its resource base
elaboration of the dynamic capabilities framework, identifying specific microfoundations for each of the three capability clusters. Sensing involves the capacity
Dynamic_capabilities
Study of the development of social production
function, depending on political structure. Public choice theory is a microfoundations theory closely intertwined with political economy. Both approaches
Political_economy
critique of econometric policy evaluation spurred the development of microfoundations for macroeconomics, the notion of the representative agent became more
Representative_agent
People without work and actively seeking work
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Unemployment
Group of macroeconomic theories
better. It was characterized by explicit and rigorous adherence to microfoundations, as well as use of increasingly sophisticated mathematical modelling
Keynesian_economics
Empirical statistical testing of economic theories
behaviour accordingly. A good macroeconometric model should incorporate microfoundations to model the effects of policy change, with equations representing
Econometrics
Turkish-American economist (born 1967)
PhD in economics in 1992. His doctoral thesis was titled Essays in Microfoundations of Macroeconomics: Contracts and Economic Performance. His doctoral
Daron_Acemoglu
Economic concept
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Investment_(macroeconomics)
Inflation driven by a rise in the cost of goods and services
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Cost-push_inflation
Type of inflation where aggregate demand increases faster than aggregate supply
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Demand-pull_inflation
School of economic thought
an approach complementing the often-announced program of providing microfoundations for macroeconomics. Disequilibrium credit rationing can occur for one
Disequilibrium_macroeconomics
Israeli-American economist and university administrator
August 7, 1995, in Jerusalem. Patinkin's work explored some of the microfoundations of Keynesian macroeconomics, particularly the role of money demand
Don_Patinkin
American sociologist
collective action and social order. These issues are analyzed in The Microfoundations of Macrosociology (1983), Principles of Group Solidarity (1987), Containing
Michael_Hechter
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
List of countries by long-term unemployment rate
List_of_countries_by_long-term_unemployment_rate
School of economic thought
original (PDF) on 2014-12-16. Retrieved 2014-12-16. Horwitz, Steven: Microfoundations and Macroeconomics: An Austrian Perspective (2000). Routledge. Garrison
Austrian_school_of_economics
Widely scattered population from a single original territory
Rynkiewich Délano Alonso, Alexandra; Mylonas, Harris (12 March 2019). "The microfoundations of diaspora politics: unpacking the state and disaggregating the diaspora"
Diaspora
Macroeconomic theory
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Supply-side_economics
Swedish economist (1851–1926)
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Knut_Wicksell
Inertia of prices in economics
hdl:1803/15745. Carlsson, Mikael; Nordström Skans, Oskar (2012). "Evaluating Microfoundations for Aggregate Price Rigidities: Evidence from Matched Firm-Level Data
Nominal_rigidity
American political scientist
drives moral action. Monroe's work is credited with establishing microfoundations for the scientific study of ethics and revitalizing moral psychology
Kristen_Monroe
Approach to economics
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Neoclassical_economics
Macroeconomic theory
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Modern_Monetary_Theory
Concept in organization theory
(December 2007). "Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance". Strategic Management Journal
Organizational_adaptation
How one process influences another
Palgrave Macmillan. ISBN 978-1-137-37239-0. Little, Daniel (1998). Microfoundations, Method and Causation: On the Philosophy of the Social Sciences. New
Causality
2006 book by Stathis N. Kalyvas
indiscriminate violence, and when the latter will take place. The behavioural microfoundations established in the game-theoretical model, and the principal-agent
The Logic of Violence in Civil War
The_Logic_of_Violence_in_Civil_War
Devaluation of money's purchasing power
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Inflation
American economist and Nobel Laureate (1940–2022)
contribution, however, was the way of modeling macroeconomic variables with microfoundations. In January 2009 Prescott, along with more than 250 other economists
Edward_C._Prescott
What is shared and beneficial for all or most members of a given community
thinking about the genesis of the common good, two distinct sets of microfoundations. On one view, the common good arises due to social gains from cooperation
Common_good
American economist (born 1958)
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Greg_Mankiw
American economist (born 1945)
as an observed fact in Marx's writings, emerges here as a theorem. Microfoundations are provided for the relationship between exploitation and class. In
John_Roemer
Type of computational models
a complex economy and of Robert Lucas to construct models based on microfoundations. Farmer and Foley pointed to progress that has been made using ABMs
Agent-based_model
American economist
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Perry_Mehrling
Macroeconomic model relating interest rates and output
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
IS–LM_model
Undergraduate academic degree
competition, and hence supply. Some programs then specify a course in microfoundations, where the macroeconomic models are derived by aggregating microeconomic
Bachelor_of_Economics
Part of the national accounts of the United States
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
National Income and Product Accounts
National_Income_and_Product_Accounts
Economic Model
Theory (2nd ed.). MIT Press. ISBN 978-0-262-12274-0. Lengwiler, Yvan. Microfoundations of financial economics: an introduction to general equilibrium asset
Arrow–Debreu_model
Repetitive, recognizable patterns of interdependent actions
the resource-based view of firms, organisational routines form the microfoundations of organisational capabilities and dynamic capabilities. Despite the
Organisational_routines
Macro model in economics
wage responds to demand: more output means a higher real wage. The microfoundations for the optimal flex-wage or price can be found in Walsh (2011) chapter
Taylor_contract_(economics)
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Calvo_(staggered)_contracts
Situation in which financial assets suddenly lose a large part of their nominal value
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Financial_crisis
Economic model relating consumption and disposable income
depend primarily on "the state of long-term expectations." Those are microfoundations. Keynes, John M. (1936). The General Theory of Employment, Interest
Consumption_function
Decrease in the general price level
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Deflation
American economist and Nobel Laureate (1918–2002)
1955–1961 and 1964–1965. His main research interest was to provide microfoundations to Keynesian economics, with a special focus on monetary economics
James_Tobin
in Entrepreneurship. Felin, T., Foss, N.J., & Ployhardt, R. 2015. Microfoundations for Management Research." Academy of Management Annals 9: 575–632.
Behavioral_strategy
School of economic thought
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Marxian_economics
Policy of interest rates or money supply
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Monetary_policy
Interest seen as a reward for parting with liquidity
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Liquidity_preference
Growth model in economics
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
AK_model
School of economic thought
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Post-Keynesian_economics
Process by which the money supply of an economic region is increased
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Money_creation
School of thought in monetary economics
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Monetarism
Model of long-run economic growth
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Solow–Swan_model
American economist and Nobel Laureate (born 1943)
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Thomas_J._Sargent
French economist (1948–2022)
article of transforming modern macroeconomics. Exploring disequilibrium microfoundations, 1956–2003". The European Journal of the History of Economic Thought
Jean-Pascal_Bénassy
Economic misinformation based on distorted mathematics
J. Bradford DeLong argued that mathiness means "restricting your microfoundations in advance to guarantee a particular political result and hiding what
Mathiness
Norwegian social and political theorist
entities like "organizations" or "societies", can actually do things) and microfoundations (explaining big societal changes in terms of individual actions). He
Jon_Elster
Canadian legal scholar (born 1961)
JSTOR 40040424. Hadfield, Gillian K.; Weingast, Barry R. (May 11, 2014). "Microfoundations of the Rule of Law". Annual Review of Political Science. 17 (1): 21–42
Gillian_Hadfield
Conflict instigated to distract from domestic strife
5-24. doi:0.2307/JTMS.11.1.5 Theiler, Tobias (24 October 2017). "The Microfoundations of Diversionary Conflict". Security Studies. 27 (2): 318–343. doi:10
Diversionary_foreign_policy
Reduction of quantity/quality of a good without corresponding price reduction
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Shrinkflation
Economic theory that determines value based on production costs
Production (economics) Y. Shiozawa, M. Morioka and K. Taniguchi 2019 Microfoundations of Evolutionary Economics, Tokyo, Springer. Smith, Adam. The Wealth
Cost-of-production theory of value
Cost-of-production_theory_of_value
Macroeconomic model
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Real_business-cycle_theory
American economist (born 1946)
rebuilt much of the traditional macromodel on rational expectations microfoundations. Taylor's research on monetary policy rules traces back to his undergraduate
John_B._Taylor
Holds that money is created endogenously by the banking sector
payments Expectations Adaptive Rational Government debt Investment Saving Microfoundations Nominal rigidity Shocks Demand Supply Policies Fiscal Austerity Government
Monetary_circuit_theory
MICROFOUNDATIONS
MICROFOUNDATIONS
MICROFOUNDATIONS
MICROFOUNDATIONS
Boy/Male
American, Australian, British, English, French, Irish
From the Brook; Place Name; The Stream; Bear; Brown
Boy/Male
African, American, British, English
From the Cliff; Slope Land; Hilly Area
Boy/Male
Arabic, Australian, Indian, Muslim
Prince
Girl/Female
Indian
Boy/Male
Hindu, Indian
All Auspicious Lord
Girl/Female
English
Abbreviation of Eleanor and Ellen.
Boy/Male
Gujarati, Hindu, Indian, Kannada, Malayalam, Marathi, Telugu
God of Water
Girl/Female
Arabic, Muslim, Sindhi
Poetess
Girl/Female
Tamil
Renowned for his devotion to his Guru
Male
French
Variant form of Norman French Mauger, MAUGIER means "work-spear."
MICROFOUNDATIONS
MICROFOUNDATIONS
MICROFOUNDATIONS
MICROFOUNDATIONS
MICROFOUNDATIONS