Asymmetric information and macroeconomic dynamics |
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Authors: | Raymond J Hawkins Masanao Aoki |
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Institution: | a College of Optical Sciences, University of Arizona, Tucson, AZ 85721, USA b Department of Economics, University of California, Los Angeles, CA 90095, USA |
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Abstract: | We show how macroeconomic dynamics can be derived from asymmetric information. As an illustration of the utility of this approach we derive the equilibrium density, non-equilibrium densities and the equation of motion for the response to a demand shock for productivity in a simple economy. Novel consequences of this approach include a natural incorporation of time dependence into macroeconomics and a common information-theoretic basis for economics and other fields seeking to link micro-dynamics and macro-observables. |
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Keywords: | Macroeconomics Asymmetric information Fisher information Productivity |
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