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Adaptive Microfoundations for Emergent Macroeconomics

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Author Info

  • Edoardo Gaffeo

    (Department of Economics and CEEL, University of Trento, Via Inama 5, Trento I-38100, Italy)

  • Domenico Delli Gatti

    (Institute of Economic Theory and Quantitative Methods, Catholic University of Milan, Milan, Italy)

  • Saul Desiderio

    (Department of Economics, Universit� Politecnica delle Marche, Ancona, Italy)

  • Mauro Gallegati

    (Department of Economics, Universit� Politecnica delle Marche, Ancona, Italy)

Abstract

In this paper we present the basics of a research program aimed at providing microfoundations to macroeconomic theory on the basis of computational agent-based adaptive descriptions of individual behavior. To exemplify our proposal, a simple prototype model of decentralized multi-market transactions is offered. We show that a very simple agent-based computational laboratory can challenge more structured Dynamic Stochastic General Equilibrium models in mimicking comovements over the business cycle. Eastern Economic Journal (2008) 34, 441–463. doi:10.1057/eej.2008.27

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Eastern Economic Journal.

Volume (Year): 34 (2008)
Issue (Month): 4 ()
Pages: 441-463

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Handle: RePEc:pal:easeco:v:34:y:2008:i:4:p:441-463

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Citations

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Cited by:
  1. Lengnick, Matthias, 2013. "Agent-based macroeconomics: A baseline model," Journal of Economic Behavior & Organization, Elsevier, vol. 86(C), pages 102-120.
  2. Domenico Gatti & Edoardo Gaffeo & Mauro Gallegati, 2010. "Complex agent-based macroeconomics: a manifesto for a new paradigm," Journal of Economic Interaction and Coordination, Springer, vol. 5(2), pages 111-135, December.
  3. Isabelle SALLE (GREThA, CNRS, UMR 5113) & Murat YILDIZOGLU (GREThA, CNRS, UMR 5113) & Marc-Alexandre SENEGAS (GREThA, CNRS, UMR 5113), 2012. "Inflation targeting in a learning economy: An ABM perspective," Cahiers du GREThA 2012-15, Groupe de Recherche en Economie Théorique et Appliquée.
  4. Matthias Lengnick & Hans-Werner Wohltmann, 2013. "Agent-based financial markets and New Keynesian macroeconomics: a synthesis," Journal of Economic Interaction and Coordination, Springer, vol. 8(1), pages 1-32, April.
  5. Stefania Vitali & Gabriele Tedeschi & Mauro Gallegati, 2013. "The impact of classes of innovators on technology, financial fragility, and economic growth," Industrial and Corporate Change, Oxford University Press, vol. 22(4), pages 1069-1091, August.
  6. Bargigli, Leonardo & Gallegati, Mauro & Riccetti, Luca & Russo, Alberto, 2014. "Network analysis and calibration of the “leveraged network-based financial accelerator”," Journal of Economic Behavior & Organization, Elsevier, vol. 99(C), pages 109-125.
  7. Dan Farhat, 2012. "Artificial Neural Networks and Aggregate Consumption Patterns in New Zealand," Working Papers 1205, University of Otago, Department of Economics, revised Dec 2012.
  8. Riccetti, Luca & Russo, Alberto & Gallegati, Mauro, 2012. "An Agent Based Decentralized Matching Macroeconomic Model," MPRA Paper 42211, University Library of Munich, Germany.
  9. Pasquale Cirillo & Mauro Gallegati, 2012. "The Empirical Validation of an Agent-based Model," Eastern Economic Journal, Palgrave Macmillan, vol. 38(4), pages 525-547.
  10. Lengnick, Matthias & Krug, Sebastian & Wohltmann, Hans-Werner, 2012. "Money creation and financial instability: An agent-based credit network approach," Economics Discussion Papers 2012-61, Kiel Institute for the World Economy.
  11. Riccetti, Luca & Russo, Alberto & Mauro, Gallegati, 2013. "Financial Regulation in an Agent Based Macroeconomic Model," MPRA Paper 51013, University Library of Munich, Germany.
  12. Riccetti, Luca & Russo, Alberto & Gallegati, Mauro, 2013. "Unemployment benefits and financial factors in an agent-based macroeconomic model," Economics Discussion Papers 2013-9, Kiel Institute for the World Economy.
  13. Neveu, Andre R., 2013. "Fiscal policy and business cycle characteristics in a heterogeneous agent macro model," Journal of Economic Behavior & Organization, Elsevier, vol. 92(C), pages 224-240.
  14. Elisabetta De Antoni, 2009. "Money and finance: the heterodox views of R. Clower, A. Leijonhufvud and H. Minsky," Department of Economics Working Papers 0908, Department of Economics, University of Trento, Italia.
  15. Isabelle SALLE & Marc-Alexandre SENEGAS & Murat YILDIZOGLU, 2013. "How Transparent About Its Inflation Target Should a Central Bank be? An Agent-Based Model Assessment," Cahiers du GREThA 2013-24, Groupe de Recherche en Economie Théorique et Appliquée.

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