Arbeitspapier
Agent-based macroeconomics - a baseline model
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. It does not depend on the strict assumption of rationality and allows for aggregate behavior that is more than simply a replication of microeconomic optimization decisions. At the same time it allows for absolutely consistent micro foundations. 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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Economics Working Paper ; No. 2011-04
- Klassifikation
-
Wirtschaft
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
- Thema
-
agent-based modeling
complex adaptive systems
microfoundations of macroeconomics
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Lengnick, Matthias
- Ereignis
-
Veröffentlichung
- (wer)
-
Kiel University, Department of Economics
- (wo)
-
Kiel
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Lengnick, Matthias
- Kiel University, Department of Economics
Entstanden
- 2011
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