Agent-based macroeconomics - a baseline model
| Autor: | Matthias Lengnick |
|---|---|
| Rok vydání: | 2011 |
| Předmět: |
Macroeconomics
Organizational Behavior and Human Resource Management Economics and Econometrics Stylized fact General equilibrium theory jel:E50 Aggregate behavior Macroeconomic model jel:E1 Business cycle Economics Dynamic stochastic general equilibrium agent-based modeling complex adaptive systems microfoundations of macroeconomics Baseline (configuration management) jel:B4 Mathematical economics Microfoundations |
| Popis: | This paper develops a baseline agent-based macroeconomic model and contrasts it with the common dynamic stochastic general equilibrium approach. Although simple, the model can reproduce a lot of the stylized facts of business cycles. The author argues that agent-based modeling is an adequate response to the recently expressed criticism of macroeconomic methodology because it allows for aggregate behavior that is more than simply a replication of microeconomic optimization decisions in equilibrium. At the same time it allows for absolutely consistent microfoundations, including the structure and properties of markets. Most importantly, it does not depend on equilibrium assumptions or fictitious auctioneers and does therefore not rule out coordination failures, instability and crisis by definition. A situation that is very close to a general equilibrium can instead be shown to result endogenously from non-rational micro interaction. |
| Databáze: | OpenAIRE |
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