De Grauwe, Paul - In: CESifo economic studies : CESifo, a joint initiative of … 56 (2010) 4, pp. 465-497
I distinguish two types of macroeconomic models. The first type are top-down models in which some or all agents are capable of understanding the whole picture and use this superior information to determine their optimal plans. The second type are bottom-up models in which all agents experience...
