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.