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Agent Based Models A New Tool for Economic and Policy Analysis

Author

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  • Mauro Napoletano

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Jean-Luc Gaffard

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Zakaria Babutsidze

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Are current economic models well equipped to provide useful policy prescriptions? Many economists would have certainly answered, "yes" before the recent Global Recession. This economic crisis has not only demonstrated the importance of banking and financial markets for the dynamics of real economies. It has also revealed the inadequacy of the dominant theoretical framework. Standard models have indeed failed to forecast the advent of the crisis. In addition, they have been unable to indicate a therapy able to restore economic growth (...).

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  • Mauro Napoletano & Jean-Luc Gaffard & Zakaria Babutsidze, 2012. "Agent Based Models A New Tool for Economic and Policy Analysis," SciencePo Working papers Main hal-01070338, HAL.
    • Handle: RePEc:hal:spmain:hal-01070338
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-01070338
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    2. Jean-Luc Gaffard & Mauro Napoletano, 2012. "Introduction - Improving the Toolbox: New Advances in Agent-Based and Computational Models," Post-Print hal-01053562, HAL.
    3. Shyam Gouri Suresh, 2015. "Rational versus Adaptive Expectations in an Agent-Based Model of a Barter Economy," Working Papers 15-02, Davidson College, Department of Economics.
    4. Feldman, Todd, 2018. "Unwinding ZIRP: A simulation analysis," Finance Research Letters, Elsevier, vol. 24(C), pages 278-288.
    5. Didier Blanchet & Cyrille Hagneré & François Legendre & Florence Thibault, 2015. "Introduction. Microsimulations statique et dynamique appliquées aux politiques fiscales et sociales : modèles et méthodes," Économie et Statistique, Programme National Persée, vol. 481(1), pages 5-30.

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    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables

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