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Journal Articles Revue de l'OFCE Year : 2018

A short walk on the wild side : agent based models and their implications for macroeconomic analysis

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Abstract

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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hal-03443471 , version 1 (23-11-2021)

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Mauro Napoletano. A short walk on the wild side : agent based models and their implications for macroeconomic analysis. Revue de l'OFCE, 2018, Whither the Economy?, 3 (157), pp.257 - 281. ⟨10.3917/reof.157.0257⟩. ⟨hal-03443471⟩
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