IDEAS home Printed from https://ideas.repec.org/a/mic/tmpjrn/v15y2019i01p19-24.html
   My bibliography  Save this article

Multi-Agent-Based Macroeconomic Modelling

Author

Listed:
  • Sándor Karajz

    (University of Miskolc)

Abstract

Macroeconomic modelling emerged at the end of the 20th century and by the first decade of the 21st century it had been widely accepted. However, the financial crisis of 2007 followed by the real economy crisis exposed the weaknesses of dynamic stochastic general equilibrium models (DSGE) and agent-based models became favoured. Agent-based models – better reflecting reality– assume that individuals are capable of learning from past experiences. In economics, aggregation is considered to be fundamental in the analysis of macroeconomic processes, leading to question such as: How can processes describing macroeconomics and related indicators be obtained from results generated from decisions made at a microeconomic level? Is the applied method appropriate? Are synergy possibilities considered? This study attempts to provide answers to these questions.

Suggested Citation

  • Sándor Karajz, 2019. "Multi-Agent-Based Macroeconomic Modelling," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 15(01), pages 19-24.
  • Handle: RePEc:mic:tmpjrn:v:15:y:2019:i:01:p:19-24
    as

    Download full text from publisher

    File URL: http://tmp.gtk.uni-miskolc.hu/volumes/2019/01/TMP_2019_01_02.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    multi-agent-based models; dynamic stochastic general equilibrium models; factors of aggregate demand; factors of aggregate supply;
    All these keywords.

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mic:tmpjrn:v:15:y:2019:i:01:p:19-24. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/vgtmihu.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.