The macroeconomic profession is well aware of the shortcomings of the current state of macroeconomic modeling, and is generally dissatisfied with the models it uses, as documented, for example, in Kirman (1992b) or Leijonhufvud (1993, 1995). The need to improve macroeconomic models is certainly felt widely. To cite a few examples, we do not have a satisfactory explanation of why some macroeconomic variables move sluggishly, or how policy actions affect segments of the economy differently, and we lack adequate tools for treating dynamic adjustment behavior of microeconomic units in the presence of externalities of the kind termed “social influence” by Becker (1990) and others, or in models with multiple equilibria. [download]
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