Agent-Based Macroeconomics

84 Pages Posted: 30 Jan 2018  

Herbert Dawid

Bielefeld University - Department of Business Administration and Economics; Center for Mathematical Economics

Domenico Delli Gatti

Universita' Cattolica, Milano

Date Written: January 2018

Abstract

This chapter surveys work dedicated to macroeconomic analysis using an agent-based modeling approach. After a short review of the origins and general characteristics of this approach a systemic comparison of the structure and modeling assumptions of a set of important (families of) agent-based macroeconomic models is provided. The comparison highlights substantial similarities between the different models, thereby identifying what could be considered an emerging common core of macroeconomic agent-based modeling. In the second part of the chapter agent-based macroeconomic research in different domains of economic policy is reviewed.

Keywords: Agent-based Macroeconomics, Aggregation, Heterogeneity, Behavioral Rules, Business Fluctuations, Economic Policy

JEL Classification: C63, E17, E32, E70

Suggested Citation

Dawid, Herbert and Delli Gatti, Domenico, Agent-Based Macroeconomics (January 2018). Bielefeld Working Papers in Economics and Management No. 02-2018. Available at SSRN: https://ssrn.com/abstract=3112074 or http://dx.doi.org/10.2139/ssrn.3112074

Herbert Dawid (Contact Author)

Bielefeld University - Department of Business Administration and Economics ( email )

P.O. Box 100131
D-33501 Bielefeld, NRW 33501
Germany
+49-521-1064843 (Phone)
+49-521-1062994 (Fax)

Center for Mathematical Economics ( email )

Postfach 10 01 31
Bielefeld, D-33501
Germany

Domenico Delli Gatti

Universita' Cattolica, Milano ( email )

20123 Milano
Italy
+39 02 72342499 (Phone)
+39 02 72342923 (Fax)

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