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Economics - Macroeconomics / Monetary Economics / Growth | Macroeconomics from the Bottom-up

Macroeconomics from the Bottom-up

Delli Gatti, D., Desiderio, S., Gaffeo, E., Cirillo, P., Gallegati, M.

2011, XII, 124 p.

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  • Two foundational chapters on Bottom-up Adaptive Macroeconomics
  • First complete analysis of an agent-based macroeconomic model from theoretical foundation to empirical testing
  • Chapter on agent-based models' validation

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.   

Content Level » Graduate

Keywords » Agent-based Computational Economics - Industrial dynamics - Micro-foundedations - Validation of simulation models

Related subjects » Business, Economics & Finance - Economic Growth - Industrial Organization - Macroeconomics / Monetary Economics / Growth - Microeconomics / Industrial Organization

Table of contents 

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

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