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Adaptive microfoundations for emergent macroeconomics

Edoardo Gaffeo, Domenico Delli Gatti (), Saul Desiderio and Mauro Gallegati ()

No 802, Department of Economics Working Papers from Department of Economics, University of Trento, Italia

Abstract: In this paper we present the basics of a research program aimed at providing microfoundations to macroeconomic theory on the basis of computational agentbased adaptive descriptions of individual behavior. To exemplify our proposal, a simple prototype model of decentralized multi-market transactions is offered. We show that a very simple agent-based computational laboratory can challenge more structured dynamic stochastic general equilibrium models in mimicking comovements over the business cycle.

Keywords: Microfoundations of macroeconomics; Agent-based economics; Adaptive behavior (search for similar items in EconPapers)
JEL-codes: C63 E10 O11 (search for similar items in EconPapers)
Date: 2008
New Economics Papers: this item is included in nep-cba, nep-cbe, nep-cmp, nep-dge and nep-mac
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