16 Pages Posted: 16 Jan 2017
Date Written: December 16, 2016
This article considers the strengths of agent-based modelling, which explains the behaviour of a system by simulating the behaviour of each individual ‘agent’ in it, and the ways that it can be used to help central banks understand the economy.
Suggested Citation: Suggested Citation
Turrell, Arthur, Agent-Based Models: Understanding the Economy from the Bottom Up (December 16, 2016). Bank of England Quarterly Bulletin 2016 Q4. Available at SSRN: https://ssrn.com/abstract=2898740