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 It is argued that with the advent of agent-based or multi-agent systems, the closure debate is superseded.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
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Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 2008-03
- Classification
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Wirtschaft
- Event
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Geistige Schöpfung
- (who)
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Gibson, Bill
- Event
-
Veröffentlichung
- (who)
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University of Massachusetts, Department of Economics
- (where)
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Amherst, MA
- (when)
-
2008
- Handle
- Last update
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10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Gibson, Bill
- University of Massachusetts, Department of Economics
Time of origin
- 2008
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