DSGE And Beyond – Computable And Constructive Challenges

K. Vela Velupillai

No 1122, ASSRU Discussion Papers from ASSRU - Algorithmic Social Science Research Unit

Abstract: The genesis and the path towards what has come to be called the DSGE model is traced, from its origins in the Arrow-Debreu General Equilibrium model (ADGE), via Scarf's Computable General Equilibrium model (CGE) and its applied version as Applied Computable General Equilibrium model (ACGE), to its ostensible dynamization as a Recursive Competitive Equilibrium (RCE). An outline of a similar nature, albeit very briefly, of the development and structure of Agent-Based Economics (ABE) is also included. It is shown that these transformations of the ADGE model are computably and constructively untenable. Suggestions for going 'beyond DSGE and ABE' are, then, outlined on the basis of a framework that is underpinned -from the outset- by computability and constructivity consideration

Keywords: Computable General Equilibrium; Dynamic Stochastic General Equilibrium; Computability; Constructivity; Classical Behavioural Economics (search for similar items in EconPapers)
JEL-codes: C02 C62 C68 D58 E61 (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-cba, nep-cmp, nep-dge, nep-hme, nep-hpe and nep-ore
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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