A short walk on the wild side: agent based models and their implications for macroeconomic analysis
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Mauro Napoletano: Observatoire français des conjonctures économiques
Sciences Po publications from Sciences Po
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)
New Economics Papers: this item is included in nep-cmp, nep-hme and nep-mac
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Published in Revue de l'OFCE, 2018, pp.257-281
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