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

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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Submitted on : Tuesday, November 23, 2021 - 3:11:13 PM
Last modification on : Friday, May 6, 2022 - 4:20:02 PM

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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, Presses de Sciences Po, 2018, pp.257 - 281. ⟨hal-03443471⟩

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