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

Mauro Napoletano ()

No 2017-40, GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France

Abstract: I discuss recent advances in agent-based modelling applied to macroeconomic analysis. I first present the building blocks of agent- based models. Furthermore, by relying on examples taken from recent works, I argue that agent-based models 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 agentbased 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)
JEL-codes: B41 B50 E32 E52 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2017-12
New Economics Papers: this item is included in nep-cmp, nep-hme and nep-mac
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Forthcoming in Revue de l'OFCE

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http://www.gredeg.cnrs.fr/working-papers/GREDEG-WP-2017-40.pdf First version (application/pdf)

Related works:
Journal Article: 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 (2018) Downloads
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