01.04.2015 | Regular Article
Microeconomic structure determines macroeconomic dynamics: Aoki defeats the representative agent
Erschienen in: Journal of Economic Interaction and Coordination | Ausgabe 1/2015
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Abstract
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The fractal Levy exponent of the stock market index fluctuations equals the Pareto exponent of the investors wealth distribution. The origin of the macroeconomic dynamics is therefore found in the granularity induced by the wealth/capital of the wealthiest investors.
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Economic cycles consist of a Schumpeter ‘creative destruction’ pattern whereby the maxima are \(\varLambda \)-shaped cusps. In between the \(\varLambda \)-cusps, the cycle consists of the sum of 2 ‘crossing exponentials’: one increasing (corresponding to the creation of the ‘new’) and the other one decaying (corresponding to destruction of the ‘old’).