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This book contributes substantively to state-of-the-art macroeconomic modeling by providing a method for modeling large collections of heterogeneous agents subject to non-pairwise externality called field effects, i.e. feedback of aggregate effects on individual agents or agents using state-dependent strategies. Adopting a level of microeconomic description which keeps track of compositions of fractions of agents by 'types' or 'strategies', time evolution of the microeconomic states is described by (backward) Chapman-Kolmogorov equations. Macroeconomic dynamics naturally arise by expansion of the solution in some power series of the number of participants. Specification of the microeconomic transition rates thus leads to macroeconomic dynamic models. This approach provides a consistent way for dealing with multiple equilibria of macroeconomic dynamics by ergodic decomposition and associated calculations of mean first passage times, and stationary probabilities of equilibria further provide useful information on macroeconomic behavior.

Macroeconomics --- Mathematical models --- -Probability theory. Stochastic processes --- -519.21 Probability theory. Stochastic processes --- 519.21 --- Probability theory. Stochastic processes --- Economics --- Mathematical models. --- 339 --- 330.3 --- AA / International- internationaal --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics --- -Economics --- -Mathematical models --- 519.21 Probability theory. Stochastic processes --- Business, Economy and Management --- Macroeconomics - Mathematical models --- MACROECONOMICS --- MATHEMATICAL MODELS

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Stochastic processes --- Stochastic Processes --- Processus stochastiques --- AA / International- internationaal --- 303.3 --- 519.21 --- Random processes --- Probabilities --- Waarschijnlijkheid. Probabiliteit. Nauwkeurigheid. Residuals: measurement and specification (wiskundige statistiek). --- Probability theory. Stochastic processes --- 519.21 Probability theory. Stochastic processes --- Waarschijnlijkheid. Probabiliteit. Nauwkeurigheid. Residuals: measurement and specification (wiskundige statistiek) --- Stochastic Processes. --- Probabilités. --- Markov, Processus de --- Markov processes --- Probabilités --- Markov processes. --- Probabilities. --- Analyse stochastique --- Equations differentielles stochastiques

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Analyse --- Economie --- Methodologie --- Méthodologie --- Statistieken --- Statistiques --- Time-series analysis --- 519.21 --- AA / International- internationaal --- 304.7 --- 304.5 --- 304.0 --- Probability theory. Stochastic processes --- Sequenties (statistische analyse). --- Techniek van de statistische-econometrische voorspellingen. Prognose in de econometrie. --- Zuivere statistische analyse (algemene naslagwerken). Tijdreeksen. --- 519.21 Probability theory. Stochastic processes --- Sequenties (statistische analyse) --- Techniek van de statistische-econometrische voorspellingen. Prognose in de econometrie --- Zuivere statistische analyse (algemene naslagwerken). Tijdreeksen

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Quantitative methods (economics) --- Analyse --- Economie --- Methodologie --- Méthodologie --- Statistieken --- Statistiques --- Time-series analysis --- Périodicité --- Periodicity --- Analyse de données --- Data analysis --- Méthode statistique --- Statistical methods --- Temps --- time --- Spectrométrie --- Spectrometry --- 519.21 --- 330.43 --- AA / International- internationaal --- 304.0 --- 304.5 --- 304.7 --- Probability theory. Stochastic processes --- Zuivere statistische analyse (algemene naslagwerken). Tijdreeksen. --- Techniek van de statistische-econometrische voorspellingen. Prognose in de econometrie. --- Sequenties (statistische analyse). --- 519.21 Probability theory. Stochastic processes --- Zuivere statistische analyse (algemene naslagwerken). Tijdreeksen --- Techniek van de statistische-econometrische voorspellingen. Prognose in de econometrie --- Sequenties (statistische analyse) --- Serie chronologique --- Frequence