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DSGE And Beyond – Computable And Constructive Challenges

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  • K. Vela Velupillai
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    Abstract

    The genesis and the path towards what has come to be called the DSGE model is traced, from its origins in the Arrow-Debreu General Equilibrium model (ADGE), via Scarf's Computable General Equilibrium model (CGE) and its applied version as Applied Computable General Equilibrium model (ACGE), to its ostensible dynamization as a Recursive Competitive Equilibrium (RCE). An outline of a similar nature, albeit very briefly, of the development and structure of Agent-Based Economics (ABE) is also included. It is shown that these transformations of the ADGE model are computably and constructively untenable. Suggestions for going 'beyond DSGE and ABE' are, then, outlined on the basis of a framework that is underpinned -from the outset- by computability and constructivity consideration

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    Bibliographic Info

    Paper provided by ASSRU - Algorithmic Social Science Research Unit in its series ASSRU Discussion Papers with number 1122.

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    Date of creation: 2011
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    Handle: RePEc:trn:utwpas:1122

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    Keywords: Computable General Equilibrium; Dynamic Stochastic General Equilibrium; Computability; Constructivity; Classical Behavioural Economics;

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    1. Herbert E. Scarf, 1977. "The Computation of Equilibrium Prices: An Exposition," Cowles Foundation Discussion Papers 473, Cowles Foundation for Research in Economics, Yale University.
    2. Shoven,John B. & Whalley,John, 1992. "Applying General Equilibrium," Cambridge Books, Cambridge University Press, number 9780521319867, October.
    3. Velupillai K. Vela, 2011. "The Phillips Machine, the Analogue Computing Tradition in Economics and Computability," Economia politica, Società editrice il Mulino, issue 1, pages 39-62.
    4. Takashi Negishi, 2008. "Unnoticed predecessors of the early Negishi theorems," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(2), pages 167-173.
    5. K. Vela Velupillai, 2011. "Towards An Algorithmic Revolution In Economic Theory," Journal of Economic Surveys, Wiley Blackwell, vol. 25(3), pages 401-430, 07.
    6. Tesfatsion, Leigh & Judd, Kenneth L., 2006. "Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics," Staff General Research Papers 10368, Iowa State University, Department of Economics.
    7. Kumaraswamy Velupillai, . "The Computable Approach to Economics," Working Papers _005, University of California at Los Angeles, Center for Computable Economics.
    8. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002.
    9. K. Vela Velupillai, 2008. "Uncomputability and Undecidability in Economic Theory," Department of Economics Working Papers 0806, Department of Economics, University of Trento, Italia.
    10. Itzhak Gilboa, 2010. "Rational Choice," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262014009, December.
    11. K. Vela Velupillai, 2005. "The Foundations of Computable General EquilibriumTheory," Working Papers 0093, National University of Ireland Galway, Department of Economics, revised 2005.
    12. repec:ept:journl:v:4:y:2011:i:323en:p:39-62 is not listed on IDEAS
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. DSGE And Beyond – Computable And Constructive Challenges
      by Christian Zimmermann in NEP-DGE blog on 2011-07-25 20:20:39
    2. DSGE And Beyond – Computable And Constructive Challenges
      by Christian Zimmermann in NEP-DGE blog on 2011-07-25 20:20:39
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    Cited by:
    1. Chen, Shu-Heng & Chang, Chia-Ling & Wen, Ming-Chang, 2013. "Social networks and macroeconomic stability," Economics Discussion Papers 2013-4, Kiel Institute for the World Economy.
    2. Chen, Shu-Heng & Chang, Chia-Ling & Tseng, Yi-Heng, 2014. "Social networks, social interaction and macroeconomic dynamics: How much could Ernst Ising help DSGE?," Research in International Business and Finance, Elsevier, vol. 30(C), pages 312-335.

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