A basic New Keynesian DSGE model with dispersed information: An agent-based approach
Alessandro Gobbi and
Journal of Economic Behavior & Organization, 2019, vol. 157, issue C, 101-116
The aim of this paper is to bridge macro agent-based models with mainstream macroeconomic models by agentifying the baseline New Keynesian DSGE model. The model features multiple, boundedly rational, optimizing agents and is analyzed through numerical simulations. We exploit the flexibility of agent-based modeling to explore the effect of dispersed information on the learning process and on macroeconomic outcomes. We find that with dispersed information monetary and fiscal policy acquire the role of public signals.
Keywords: DSGE models; Agent-based models; Heterogeneity; Learning; Dispersed information (search for similar items in EconPapers)
JEL-codes: C63 D83 E52 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:157:y:2019:i:c:p:101-116
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