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Agent-based models and economic policy

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  • Jean-Luc Gaffard

    (OFCE)

  • Mauro Napoletano

    (OFCE)

Abstract

Many of the factors responsible for the financial crisis (financial innovation ans securitization ;heterogeneity of agents, markets and regulatory framworks) are by and large overlooked by standard macroeconomic models which have failed to forecast the advent of the crisis and are unable to restore economic growth. agent based and computational models depart from the the representative agent paradigm, thereby introducing heterogeneity of agents' characteristics and behavior and allowing for markets that not clear. These models are better equipped to analyze the salient features of out-of equilibrium paths and provide novel insights on required economic policy during crises. This volume gathers contributions of leading scholars working on agent-based and computational models. It demonstrates how these models have reached the point where they can guide macro and micro economic policy.

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File URL: http://spire.sciencespo.fr/hdl:/2441/53r60a8s3kup1vc9l564igg8g/resources/revue-124.pdf
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Bibliographic Info

Paper provided by Sciences Po in its series Sciences Po publications with number info:hdl:2441/53r60a8s3kup1vc9l564igg8g.

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Length: 447 pages
Date of creation: Oct 2012
Date of revision:
Publication status: Published in Revue de l'OFCE - Analyse et prévisions, 2012
Handle: RePEc:spo:wpmain:info:hdl:2441/53r60a8s3kup1vc9l564igg8g

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Cited by:
  1. Fagiolo G. & Treibich T.G. & Roventini A. & Napoletano M. & Dosi G., 2014. "Fiscal and monetary policies in complex evolving economies," Research Memorandum 006, Maastricht University, Graduate School of Business and Economics (GSBE).

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