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A Short Walk on the Wild Side: Agent-Based Models and their Implications for Macroeconomic Analysis

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  • Mauro Napoletano

    (OFCE Sciences-Po
    SKEMA Business School)

Abstract

I discuss recent advances in agent-based modelling applied to macroeconomic analysis. I first present the building blocks of agent- based models. Furthermore, by relying on examples taken from recent works, I argue that agent-based models provide complementary or new lights with respect to more standard models on key macroeconomic issues like endogenous business cycles, the interactions between business cycles and long-run growth, and the role of price vs. quantity adjustments in the return to full employment. Finally, I discuss some limits of agentbased models and how they are currently addressed in the literature.

Suggested Citation

  • Mauro Napoletano, 2017. "A Short Walk on the Wild Side: Agent-Based Models and their Implications for Macroeconomic Analysis," GREDEG Working Papers 2017-40, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    • Handle: RePEc:gre:wpaper:2017-40
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    Cited by:

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    2. Cars Hommes & Mario He & Sebastian Poledna & Melissa Siqueira & Yang Zhang, 2022. "CANVAS: A Canadian Behavioral Agent-Based Model," Staff Working Papers 22-51, Bank of Canada.
    3. Popoyan, Lilit & Napoletano, Mauro & Roventini, Andrea, 2020. "Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market," Journal of Economic Dynamics and Control, Elsevier, vol. 117(C).
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    6. Hommes, Cars & He, Mario & Poledna, Sebastian & Siqueira, Melissa & Zhang, Yang, 2025. "CANVAS: A Canadian behavioral agent-based model for monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 172(C).
    7. Vicente Moreno-Casas, 2024. "What can complexity learn from Misesian economics?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 37(3), pages 267-291, September.
    8. Benjamin Patrick Evans & Sihan Zeng & Sumitra Ganesh & Leo Ardon, 2025. "ADAGE: A generic two-layer framework for adaptive agent based modelling," Papers 2501.09429, arXiv.org.

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    More about this item

    Keywords

    agent-based models; macroeconomic analysis; endogenous business-cycles; short and long-run dynamics; monetary and fiscal policy; price vs. quantity adjustments;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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