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A Short Walk on the Wild Side: Agent-Based Models and their Implications for Macroeconomic Analysis

Mauro Napoletano ()

Revue de l'OFCE, 2018, vol. N° 157, issue 3, 257-281

Abstract: This article discusses recent advances in agent-based modelling applied to macroeconomic analysis. I first introduce the building blocks of agent-based models. Furthermore, by relying on examples taken from recent works, I argue that that agent-based models may provide complementary or new lights with respect to more standard models on key macroeconomic issues like endogenous business cycles, the interactions between business cycles and long-run growth, and the role of price vs. quantity adjustments in the return to full employment. Finally, I discuss some limits of agent-based models and how they are currently addressed in the literature.

Keywords: agent-based models; macroeconomic analysis; endogenous business-cycles; short and long-run dynamics; monetary and fiscal policy; price vs. quantity adjustments (search for similar items in EconPapers)
Date: 2018
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Working Paper: A short walk on the wild side: agent based models and their implications for macroeconomic analysis (2018) Downloads
Working Paper: A Short Walk on the Wild Side: Agent-Based Models and their Implications for Macroeconomic Analysis (2017) Downloads
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