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Adaptive Microfoundations for Emergent Macroeconomics
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Journal Article
Adaptive Microfoundations for Emergent Macroeconomics
2008
Overview
In this paper we present the basics of a research program aimed at providing microfoundations to macroeconomic theory on the basis of computational agent-based adaptive descriptions of individual behavior. To exemplify our proposal, a simple prototype model of decentralized multi-market transactions is offered. We show that a very simple agent-based computational laboratory can challenge more structured Dynamic Stochastic General Equilibrium models in mimicking comovements over the business cycle.
Publisher
Palgrave Macmillan,Palgrave Macmillan UK
