Modeling Macroeconomies as Open-Ended Dynamic Systems of Interacting Agents

Blake LeBaron and Leigh Tesfatsion ()

Staff General Research Papers from Iowa State University, Department of Economics

Abstract: This study discusses the potential applicability of Agent-based Computational Economics (ACE) for macroeconomic modeling, with a particular stress on the following three issues: (1) taxonomy - what types of agents for macroeconomic models?; (2) scale robustness - how many agents for macroeconomic models?; and (3) empirical validation - connecting to data. Annotated pointers to ACE macroeconomic research can be accessed here: http://www.econ.iastate.edu/tesfatsi/amulmark.htm

Keywords: Macroeconomic modeling; Agent-based computational economics; Agent taxonomy; Scale robustness; Empirical validation (search for similar items in EconPapers)
JEL-codes: B4 C6 C7 D4 D43 D8 L1 (search for similar items in EconPapers)
Date: 2008-08-19
View list of references View citations in EconPapers

Published in American Economic Review (Papers and Proceedings), 2008, Vol. 98, No. No. 2, pp. 246-250.

Downloads: (external link)
http://www.econ.iastate.edu/tesfatsi/AEAPP2008.LeB ... roModeling.Final.pdf (application/pdf)

Related works:
Journal Article: Modeling Macroeconomies as Open-Ended Dynamic Systems of Interacting Agents (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:isu:genres:12973

Access Statistics for this paper

More papers in Staff General Research Papers from Iowa State University, Department of Economics
Address: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Contact information at EDIRC.
Series data maintained by Stephanie Bridges ().