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Agent Based Models: A New Tool for Economic and Policy Analysis

Mauro Napoletano (), Jean-Luc Gaffard () and Zakaria Babutsidze

Sciences Po publications from Sciences Po

Abstract: Are current economic models well equipped to provide useful policy prescriptions? Many economists would have certainly answered, “yes” before the recent Global Recession. This economic crisis has not only demonstrated the importance of banking and financial markets for the dynamics of real economies. It has also revealed the inadequacy of the dominant theoretical framework. Standard models have indeed failed to forecast the advent of the crisis. In addition, they have been unable to indicatea therapy able to restore economic growth.

Keywords: Economic models; Economic crisis; Economic policy (search for similar items in EconPapers)
JEL-codes: E5 C3 (search for similar items in EconPapers)
Date: 2012-03
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Published in OFCE Briefing Paper, 2012, pp.1-15

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