Modeling Macroeconomies As Open-Ended Dynamic Systems of Interacting Agents

Blake Lebaron () and Leigh Tesfatsion ()

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: This study discusses the potential applicability of Agent-based Computational Economics (ACE) for macroeconomic modeling, with a particular stress on the following three issues: (1) taxonomy - what types of agents for macroeconomic models?; (2) scale robustness - how many agents for macroeconomic models?; and (3) empirical validation - connecting to data. Annotated pointers to ACE macroeconomic research can be accessed here: http://www2.econ.iastate.edu/tesfatsi/amulmark.htm

Keywords: agent-based computational economics; Macroeconomic modeling; Agent taxonomy; Scale robustness; Empirical validation (search for similar items in EconPapers)
JEL-codes: B4 C6 C7 D E (search for similar items in EconPapers)
Date: 2008-08-19
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Citations: View citations in EconPapers (228)

Published in American Economic Review 2008, vol. 98 no. 2, pp. 246-250

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Journal Article: Modeling Macroeconomies as Open-Ended Dynamic Systems of Interacting Agents (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genres:12973

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