Arbeitspapier

Keynesian and neoclassical closures in an agent-based context

Since the closure debate of the 1980s it is well known that comparative static derivatives in analytical macro models are highly sensitive to the closure rule selected. This led Keynesians to conclude that Keynesian closures were superior to those favored by the orthodoxy and vice-versa. It is argued that with the advent of agent-based or multi-agent systems, the closure debate is superseded. While elements of both Keynesian and neoclassical models survive the transition to the more synthetic environment, an agent-based approach eliminates the need for drastic simplification that was at the root of the debate from the beginning.

Language
Englisch

Bibliographic citation
Series: Working Paper ; No. 2008-03

Classification
Wirtschaft

Event
Geistige Schöpfung
(who)
Gibson, Bill
Event
Veröffentlichung
(who)
University of Massachusetts, Department of Economics
(where)
Amherst, MA
(when)
2008

Handle
Last update
10.03.2025, 11:42 AM CET

Data provider

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Object type

  • Arbeitspapier

Associated

  • Gibson, Bill
  • University of Massachusetts, Department of Economics

Time of origin

  • 2008

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