Axel Leijonhufvud’s ways to Macroeconomic Agent-Based Models

Muriel Dal-Pont Legrand () and Matthieu Renault ()
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Muriel Dal-Pont Legrand: CNRS - Centre National de la Recherche Scientifique, GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur, UniCA - Université Côte d'Azur
Matthieu Renault: UP1 UFR02 - Université Paris 1 Panthéon-Sorbonne - École d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne

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Abstract: Macroeconomic Agent-based Models (MABM) have flourished in Macro since the 2008 crisis. They stand as an alternative to the shortcomings of the DSGE models in many regards. In particular, they are based on alternative microfoundations. The opposition MABM/DSGE reopens thus the search for ‘sound' microfoundations, which was raging in Macro during the 1970s and 1980s. In this paper, we argue that MABM is a late offspring of this early discussion. They came to embody an alternative microfoundational program, whose historical origins and theoretical foundations can be traced through Axel Leijonhufvud's long and tortuous intellectual path in Macro.

Keywords: AXEL LEIJONHUFVUD; COMPLEXITY; AGENTS BASED MODELS; MACROECONOMICS; MICROFOUNDATIONS (search for similar items in EconPapers)
Date: 2024-06-20
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Published in The 20th International Conference of the Charles Gide Association., VELARDO TRISTAN, Jun 2024, Bordeaux, France

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04832305

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