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Drawing on different disciplines: macroeconomic agent-based models

Andrew Haldane and Arthur Turrell ()

Journal of Evolutionary Economics, 2019, vol. 29, issue 1, 39-66

Abstract: Abstract Macroeconomic modelling has been under intense scrutiny since the Great Financial Crisis, when serious shortcomings were exposed in the methodology used to understand the economy as a whole. Criticism has been levelled at the assumptions employed in the dominant models, particularly that economic agents are homogenous and optimising and that the economy is equilibrating. In a related paper (Haldane and Turrell Oxford Rev Econ Polic 34(1–2):219–251 2018), we argue that an interdisciplinary approach to modelling in macroeconomics is beneficial. Here we focus on what one such approach - agent-based modelling, which has been extensively used across a wide range of disciplines - could do for macroeconomics. Agent-based models are complementary to existing approaches to macroeconomics and are particularly well-suited to answering questions where complexity, heterogeneity, networks, and heuristics play an important role.

Keywords: Macroeconomics; Modelling; Agent-based (search for similar items in EconPapers)
JEL-codes: A12 B22 B40 C63 (search for similar items in EconPapers)
Date: 2019
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Handle: RePEc:spr:joevec:v:29:y:2019:i:1:d:10.1007_s00191-018-0557-5