Advanced Search
MyIDEAS: Login

Vers une macroéconomie fondée sur des agents autonomes et intelligents

Contents:

Author Info

  • Peter Howitt
  • Jean-Luc Gaffard

Abstract

This paper discusses a research agenda that has been advocated by Axel Leijonhufvud for studying the coordination process of a decentralized market economy. The research used agent-based modeling, an approach that assumes exogenous rules for adaptive behavior, thereby endowing agents with an autonomy that is impossible in a rational-expectations-equilibrium approach. The paper argues that this approach also endows people with more intelligence than would a standard optimizing approach. The analysis focuses on the role of business firms as coordinating agents who organize trading activities. Computer simulations show that a network of specialist trading enterprises can emerge from autarky when people follow simple myopic rules. The interactions between trading enterprises and households results in a multiplier process which can be shown to mimic time-series behavior of detrended real GDP in the United States. The analysis can also be used to illustrate the possibly destabilizing effects of excessive wage/price flexibility. JEL Classification: B4, D50, D58, D83.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=REOF_102_0055
Download Restriction: restricted

File URL: http://www.cairn.info/revue-de-l-ofce-2007-3-page-55.htm
Download Restriction: restricted

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 102 (2007)
Issue (Month): 3 ()
Pages: 55-78

as in new window
Handle: RePEc:cai:reofsp:reof_102_0055

Contact details of provider:
Web page: http://www.cairn.info/revue-de-l-ofce.htm

Related research

Keywords: macroeconomy; agent behavior; information; autonomy; adaptation; coordination;

Find related papers by JEL classification:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:cai:reofsp:reof_102_0055. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.