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Evolutionary Algorithms In Macroeconomic Models

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  • Arifovic, Jasmina

Abstract

This paper provides a survey of the applications of evolutionary algorithms in macroeconomic models. Discussion is organized around the issues related to stability of equilibria, equilibrium selection, transitional dynamics, and the long-run evolutionary dynamics different from rational-expectations equilibrium outcomes. The survey also discusses criteria that can be used to evaluate the performance and usefulness of evolutionary algorithms in the macroeconomic context.

Suggested Citation

  • Arifovic, Jasmina, 2000. "Evolutionary Algorithms In Macroeconomic Models," Macroeconomic Dynamics, Cambridge University Press, vol. 4(3), pages 373-414, September.
    • Handle: RePEc:cup:macdyn:v:4:y:2000:i:03:p:373-414_01
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    Cited by:

    1. Arifovic, Jasmina & Petersen, Luba, 2017. "Stabilizing expectations at the zero lower bound: Experimental evidence," Journal of Economic Dynamics and Control, Elsevier, vol. 82(C), pages 21-43.
    2. Isabelle SALLE & Martin ZUMPE & Murat YILDIZOGLU & Marc-Alexandre SENEGAS, 2012. "Modelling Social Learning in an Agent-Based New Keynesian Macroeconomic Model," Cahiers du GREThA (2007-2019) 2012-20, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    3. Duffy, John & Ünver, M.Utku, 2008. "Internet auctions with artificial adaptive agents: A study on market design," Journal of Economic Behavior & Organization, Elsevier, vol. 67(2), pages 394-417, August.
    4. Vincze, János & Varga, Gergely, 2016. "Megtakarítási típusok - egy adaptív-evolúciós megközelítés [Types of saving - an adaptive-evolutionary approach]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 162-187.
    5. James B. Bullard, 2006. "The learnability criterion and monetary policy," Review, Federal Reserve Bank of St. Louis, vol. 88(May), pages 203-217.
    6. Scott Wheeler & Nigel Bean & Janice Gaffney & Peter Taylor, 2006. "A Markov analysis of social learning and adaptation," Journal of Evolutionary Economics, Springer, vol. 16(3), pages 299-319, August.
    7. Salle, Isabelle & Seppecher, Pascal, 2016. "Social Learning About Consumption," Macroeconomic Dynamics, Cambridge University Press, vol. 20(7), pages 1795-1825, October.
    8. John Ledyard & Jasmina Arifovic, 2003. "Computer Testbeds: The Dynamics of Groves-Ledyard Mechanisms," Computing in Economics and Finance 2003 244, Society for Computational Economics.
    9. Salle, Isabelle & Yıldızoğlu, Murat & Sénégas, Marc-Alexandre, 2013. "Inflation targeting in a learning economy: An ABM perspective," Economic Modelling, Elsevier, vol. 34(C), pages 114-128.
    10. Pascal Seppecher & Isabelle Salle & Dany Lang, 2019. "Is the market really a good teacher?," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 299-335, March.
    11. Arifovic, Jasmina & Ledyard, John, 2011. "A behavioral model for mechanism design: Individual evolutionary learning," Journal of Economic Behavior & Organization, Elsevier, vol. 78(3), pages 374-395, May.
    12. Howitt, Peter & Özak, Ömer, 2014. "Adaptive consumption behavior," Journal of Economic Dynamics and Control, Elsevier, vol. 39(C), pages 37-61.
    13. Severin Reissl, 2021. "Heterogeneous expectations, forecasting behaviour and policy experiments in a hybrid Agent-based Stock-flow-consistent model," Journal of Evolutionary Economics, Springer, vol. 31(1), pages 251-299, January.
    14. Salle, Isabelle & Yildizoglu, Murat & Zumpe, Martin & Sénégas, Marc-Alexandre, 2017. "Coordination through social learning in a general equilibrium model," Journal of Economic Behavior & Organization, Elsevier, vol. 141(C), pages 64-82.
    15. Karolina Safarzyńska & Jeroen Bergh, 2010. "Evolutionary models in economics: a survey of methods and building blocks," Journal of Evolutionary Economics, Springer, vol. 20(3), pages 329-373, June.
    16. Serguei Kaniovski, 2005. "Product differentiation and competitive selection," Journal of Evolutionary Economics, Springer, vol. 15(5), pages 567-580, November.
    17. Jasmina Arifovic & James Bullard & Olena Kostyshyna, 2013. "Social Learning and Monetary Policy Rules," Economic Journal, Royal Economic Society, vol. 123(567), pages 38-76, March.
    18. Isabelle Salle & Marc-Alexandre Sénégas & Murat Yıldızoğlu, 2019. "How transparent about its inflation target should a central bank be?," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 391-427, March.
    19. Salle, Isabelle L., 2015. "Modeling expectations in agent-based models — An application to central bank's communication and monetary policy," Economic Modelling, Elsevier, vol. 46(C), pages 130-141.
    20. Haber Gottfried, 2008. "Monetary and Fiscal Policy Analysis With an Agent-Based Macroeconomic Model," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 228(2-3), pages 276-295, April.
    21. Paul Shea, 2019. "The Macroeconomics of Pascal’s Wager," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 45(4), pages 481-496, October.
    22. Robert Somogyi & Janos Vincze, 2011. "Price Rigidity and Strategic Uncertainty An Agent-based Approach," CERS-IE WORKING PAPERS 1135, Institute of Economics, Centre for Economic and Regional Studies.
    23. Adalbert Mayer, 2022. "An Agent-Based Macroeconomic Model with Endogenous Intertemporal Decision Rules," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 48(4), pages 548-579, October.

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