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Modeling Macroeconomies as Open-Ended Dynamic Systems of Interacting Agents

Author

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  • Blake LeBaron
  • Leigh Tesfatsion

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://www2.econ.iastate.edu/tesfatsi/amulmark.htm
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Suggested Citation

  • 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 246-250, May.
    • Handle: RePEc:aea:aecrev:v:98:y:2008:i:2:p:246-50
    DOI: 10.1257/aer.98.2.246
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    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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