Agent-Based Models: Understanding the Economy from the Bottom Up

16 Pages Posted: 16 Jan 2017

Date Written: December 16, 2016

Abstract

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

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

Arthur Turrell (Contact Author)

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

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