A short walk on the wild side: agent based models and their implications for macroeconomic analysis

Mauro Napoletano

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Abstract: This article discusses recent advances in agent-based modelling applied to macroeconomic analysis. I first introduce the building blocks of agent-based models. Furthermore, by relying on examples taken from recent works, I argue that that agent-based models may 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 agent-based 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 policies; Price vs quantity adjustments (search for similar items in EconPapers)
Date: 2018-09
Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03443471
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Published in Revue de l'OFCE, 2018, Whither the Economy?, 3 (157), pp.257 - 281. ⟨10.3917/reof.157.0257⟩

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Related works:
Journal Article: A Short Walk on the Wild Side: Agent-Based Models and their Implications for Macroeconomic Analysis (2018)
Working Paper: A short walk on the wild side: agent based models and their implications for macroeconomic analysis (2018)
Working Paper: A Short Walk on the Wild Side: Agent-Based Models and their Implications for Macroeconomic Analysis (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03443471

DOI: 10.3917/reof.157.0257

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