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Vers une macroéconomie fondée sur des agents autonomes et intelligents

  • Peter Howitt
  • Jean-Luc Gaffard

This paper discusses a research agenda that has been advocated by Axel Leijonhufvud for studying the coordination process of a decentralized market economy. The research used agent-based modeling, an approach that assumes exogenous rules for adaptive behavior, thereby endowing agents with an autonomy that is impossible in a rational-expectations-equilibrium approach. The paper argues that this approach also endows people with more intelligence than would a standard optimizing approach. The analysis focuses on the role of business firms as coordinating agents who organize trading activities. Computer simulations show that a network of specialist trading enterprises can emerge from autarky when people follow simple myopic rules. The interactions between trading enterprises and households results in a multiplier process which can be shown to mimic time-series behavior of detrended real GDP in the United States. The analysis can also be used to illustrate the possibly destabilizing effects of excessive wage/price flexibility. JEL Classification: B4, D50, D58, D83.

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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 102 (2007)
Issue (Month): 3 ()
Pages: 55-78

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Handle: RePEc:cai:reofsp:reof_102_0055
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