A Multi-Agent Systems Approach to Microeconomic Foundations of Macro
AbstractThis paper is part of a broader project that attempts to gener- ate microfoundations for macroeconomics as an emergent property of complex systems. The multi-agents systems approach is seen to produce realistic macro properties from a primitive set of agents that search for satisfactory activities, "jobs", in an informationally constrained, computationally noisy environment. There is frictional and structural unemployment, inflation, excess capacity, fi- nancial instability along with the possibility of relatively smooth expansion. There is no Phillips curve but an inegalitarian distribution of income emerges as fundamental property of the system.
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Bibliographic InfoPaper provided by University of Massachusetts Amherst, Department of Economics in its series UMASS Amherst Economics Working Papers with number 2007-10.
Date of creation: Sep 2007
Date of revision:
Multi-agent system; agent-based models; microeconomic foundations; macroeconomics.;
Find related papers by JEL classification:
- D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- D30 - Microeconomics - - Distribution - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-09-30 (All new papers)
- NEP-CMP-2007-09-30 (Computational Economics)
- NEP-MAC-2007-09-30 (Macroeconomics)
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