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Agent Based Models A New Tool for Economic and Policy Analysis: A New Tool for Economic and Policy Analysis

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  • Mauro Napoletano

    (OFCE)

  • Jean-Luc Gaffard

    (OFCE)

  • Zakaria Babutsidze

    (OFCE)

Abstract

Are current economic models well equipped to provide useful policy prescriptions? Many economists would have certainly answered, “yes” before the recent Global Recession. This economic crisis has not only demonstrated the importance of banking and financial markets for the dynamics of real economies. It has also revealed the inadequacy of the dominant theoretical framework. Standard models have indeed failed to forecast the advent of the crisis. In addition, they have been unable to indicate a therapy able to restore economic growth...

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Bibliographic Info

Paper provided by Sciences Po in its series Sciences Po publications with number 3.

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Date of creation: 15 Mar 2012
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Handle: RePEc:spo:wpmain:info:hdl:2441/53r60a8s3kup1vc9l5643ehjk

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