Agent Based Modeling and Neoclassical Economics: A Critical Perspective*
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Macroeconomic Policy in DSGE and Agent-Based Models
The Great Recession seems to be a natural experiment for macroeconomics showing the inadequacy of the predominant theoretical framework — the New Neoclassical Synthesis — grounded on the DSGE model. In this paper, we present a critical discussion of the theoretical, empirical and political-economy pitfalls of the DSGE-based approach to policy analysis. We suggest that a more fruitful research a...
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تاریخ انتشار 2009