Macroeconomics from the Bottom-up

ISBN-13: 9788847019706 / Angielski / Twarda / 2011 / 124 str.

Domenico Delli Gatti;Saul Desiderio;Edoardo Gaffeo

Opis

This book arises from a conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. It offers the first complete analysis of an agent-based macroeconomic model, from theoretical foundation to empirical testing.

Recenzje

From the reviews:

"Macroeconomics from the Bottom-up proves that agent-based macroeconomics is finally maturing as a field of research. ... Macroeconomics from the Bottom-up can persuade many students that agent-based modeling is one of the best options that economists have for understanding what is currently happening in the real world, i.e. for understanding financial crisis." (Charlotte Bruun, Journal of Artificial Societies and Social Simulation, Vol. 14 (4), 2011)

Spis treści

Introducing Bottom-up Adaptive Macroeconomics. - The Making of the BAM Model. - The BAM Model at Work. - Empirical Validation.

O autorze

The best in the field

Blurb

The recent economic events driven by the big financial crisis of 2007-08 has cogently put to the fore the limits and drawbacks of the ruling research paradigm in macroeconomics. This volume goes to the root of the problem by offering a workable alternative to the renowned issue of the microeconomic foundations of macroeconomic theory. Bringing together techniques from agent-based computational economics and statistical validation, the authors set the stage for a paradigmatic shift, elaborate on it with practical examples and provide an agenda for future research.