A Short Walk on the Wild Side: Agent-Based Models and their Implications for Macroeconomic Analysis
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 wi...
Sábháilte in:
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| Formáid: | Article ou chapitre numérique |
| Teanga: | Français |
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2019
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| Rochtain ar líne: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |
| Achoimre: | 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. |
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