27 Pages Posted: 24 Jan 2014
Date Written: January 2014
Agent-based simulation models are a relatively new addition to the tool-box of macroeconomists. In this chapter we introduce the Eurace@Unibi model and the research that has been done within this framework. We show how an agent-based model can be used to identify economic mechanisms and how it can be applied to spatial policy analysis. Our assessment is that agent-based models in economics have passed the proof-of-concept phase and it is now time to move beyond that stage. It has been shown that new kinds of insights can be obtained that complement established modeling approaches. We conclude by pointing towards some potentially fruitful areas of agent-based macroeconomic research.
Suggested Citation: Suggested Citation
Dawid, Herbert and Gemkow, Simon and Harting, Philipp and van der Hoog, Sander and Neugart, Michael, Agent-Based Macroeconomic Modeling and Policy Analysis: The Eurace@Unibi Model (January 2014). Bielefeld Working Papers in Economics and Management No. 01-2014. Available at SSRN: https://ssrn.com/abstract=2384391