Complex agent-based macroeconomics: a manifesto for a new paradigm |
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Authors: | Domenico Delli Gatti Edoardo Gaffeo Mauro Gallegati |
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Institution: | 1.Catholic University of Milan,Milan,Italy;2.University of Trento,Trento,Italy;3.Department of Economics,Università Politecnica delle Marche,Ancona,Italy |
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Abstract: | This article discusses some issues and challenges facing modern macroeconomics. We argue for the necessity to replace the
reductionist approach at the heart of mainstream DSGE models with an approach rooted on the science of complexity and agent-based
modelling. To strengthen and exemplify our position, we show a simple example and introduce several items for a research agenda
along these lines. |
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Keywords: | |
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