Modeling Macroeconomies As Open-Ended Dynamic Systems of Interacting Agents
Abstract
This study discusses the potential applicability of Agent-based Computational Economics (ACE) for macroeconomic modeling, with a particular stress on the following three issues: (1) taxonomy - what types of agents for macroeconomic models?; (2) scale robustness - how many agents for macroeconomic models?; and (3) empirical validation - connecting to data. Annotated pointers to ACE macroeconomic research can be accessed here: http://www.econ.iastate.edu/tesfatsi/amulmark.htmDownload Info
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Bibliographic Info
Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12973.Length:
Date of creation: 19 Aug 2008
Date of revision:
Publication status: Published in American Economic Review 2008, vol. 98 no. 2, pp. 246-250
Handle: RePEc:isu:genres:12973
Contact details of provider:
Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Email:
Web page: http://www.econ.iastate.edu
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Related research
Keywords: agent-based computational economics; Macroeconomic modeling; Agent taxonomy; Scale robustness; Empirical validation;Other versions of this item:
- Blake LeBaron & Leigh Tesfatsion, 2008. "Modeling Macroeconomies as Open-Ended Dynamic Systems of Interacting Agents," American Economic Review, American Economic Association, vol. 98(2), pages 246-50, May.
- B4 - Schools of Economic Thought and Methodology - - Economic Methodology
- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D - Microeconomics
- E - Macroeconomics and Monetary Economics
References
References listed on IDEASPlease report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Arifovic, Jasmina, 1996. "The Behavior of the Exchange Rate in the Genetic Algorithm and Experimental Economies," Journal of Political Economy, University of Chicago Press, vol. 104(3), pages 510-41, June.
- Terrance Odean, 1999. "Do Investors Trade Too Much?," American Economic Review, American Economic Association, vol. 89(5), pages 1279-1298, December.
- Joshua M. Epstein & Robert L. Axtell, 1996. "Growing Artificial Societies: Social Science from the Bottom Up," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550253.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Holden, Steinar, 2012.
"Implications of Insights from Behavioral Economics for Macroeconomic Models,"
Memorandum
25/2012, Oslo University, Department of Economics.
- Steinar Holden, 2012. "Implications of insights from behavioral economics for macroeconomic models," Working Paper 2012/12, Norges Bank.
- Dosi, Giovanni & Fagiolo, Giorgio & Roventini, Andrea, 2010.
"Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 34(9), pages 1748-1767, September.
- Giovanni Dosi & Giorgio Fagiolo & Andrea Roventini, 2008. "Schumpeter Meeting Keynes: A Policy-Friendly Model of Endogenous Growth and Business Cycles," LEM Papers Series 2008/21, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Giovanni Dosi & Giorgio Fagiolo & Andrea Roventini, 2008. "Schumpeter Meeting Keynes: A Policy-Friendly Model of Endogenous Growth and Business Cycles," Working Papers 50/2008, University of Verona, Department of Economics.
- Riccetti, Luca & Russo, Alberto & Gallegati, Mauro, 2012. "An Agent Based Decentralized Matching Macroeconomic Model," MPRA Paper 42211, University Library of Munich, Germany.
- Giovanni Dosi & Giorgio Fagiolo & Mauro Napoletano & Andrea Roventini, 2012.
"Income Distribution, Credit and Fiscal Policies in an Agent-Based Keynesian Model,"
Documents de Travail de l'OFCE
2012-06, Observatoire Francais des Conjonctures Economiques (OFCE).
- Giovanni Dosi & Giorgio Fagiolo & Mauro Napoletano & Andrea Roventini, 2012. "Income Distribution, Credit and Fiscal Policies in an Agent-Based Keynesian Model," LEM Papers Series 2012/03, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Giovanni Dosi & Giorgio Fagiolo & Mauro Napoletano & Andrea Roventini, 2012. "Income Distribution, Credit and Fiscal Policies in an Agent-Based Keynesian Model," Working Papers 03/2012, University of Verona, Department of Economics.
- Giovanni Dosi & Giorgio Fagiolo & Mauro Napoletano & Andrea Roventini, 2012. "Income Distribution, Credit and Fiscal Policies in an Agent-Based Keynesian Model," EconomiX Working Papers 2012-5, University of Paris West - Nanterre la Défense, EconomiX.
- Paul Levine, 2010.
"Monetary Policy in an Uncertain World : Probability Models and the Design of Robust Monetary Rules,"
Macroeconomics Working Papers
21853, East Asian Bureau of Economic Research.
- Paul Levine, 2010. "Monetary Policy in an Uncertain World: Probability Models and the Design of Robust Monetary Rules," Working Papers id:2761, eSocialSciences.
- Levine, Paul, 2010. "Monetary policy in an uncertain world: Probability models and the design of robust monetary rules," Working Papers 10/72, National Institute of Public Finance and Policy.
- Paul Levine, 2010. "Monetary Policy in an Uncertain World: Probability Models and the Design of Robust Monetary Rules," School of Economics Discussion Papers 0210, School of Economics, University of Surrey.
- Borrill, Paul L. & Tesfatsion, Leigh, 2010. "Agent-Based Modeling: The Right Mathematics for the Social Sciences?," Staff General Research Papers 31674, Iowa State University, Department of Economics.
- 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.
- Paul De Grauwe, 2010. "Top-Down versus Bottom-Up Macroeconomics," CESifo Working Paper Series 3020, CESifo Group Munich.
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