Adaptive Microfoundations for Emergent Macroeconomics

Edoardo Gaffeo, Domenico Delli Gatti, Saul Desiderio and Mauro Gallegati

Eastern Economic Journal, 2008, vol. 34, issue 4, 463 pages

Abstract: In this paper we present the basics of a research program aimed at providing microfoundations to macroeconomic theory on the basis of computational agent-based adaptive descriptions of individual behavior. To exemplify our proposal, a simple prototype model of decentralized multi-market transactions is offered. We show that a very simple agent-based computational laboratory can challenge more structured Dynamic Stochastic General Equilibrium models in mimicking comovements over the business cycle. Eastern Economic Journal (2008) 34, 441–463. doi:10.1057/eej.2008.27

Date: 2008
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