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.
There has been little discussion in macroeconomic literature about the propriety or usefulness of representative agent models. This volume aims to evaluate the use of these models as a means of studying aggregate behaviour.
