Emergent Macroeconomics [electronic resource] : An Agent-Based Approach to Business Fluctuations /
Gatti, Domenico.author.
Gaffeo, Edoardo.author.
Gallegati, Mauro.author.
Giulioni, Gianfranco.author.
Palestrini, Antonio.author.
This book contributes substantively to the current state-of-the-art of macroeconomics by providing a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields like the microeconomics of capital market imperfections, industrial dynamics and the theory of stochastic processes can be fruitfully combined to improve our understanding of macroeconomic dynamics. This book should be a valuable resource for all researchers interested in analyzing macroeconomic issues without recurring to a fictitious representative agent.
Description based upon print version of record.
Includes bibliographical references (p. [105]-114).
Crucial Issues -- Stylized Facts of Industrial Dynamics: The Distribution of Firms’ Size -- Stylized Facts in Industrial Dynamics: Exit, Productivity, Income -- An Agent-based Model -- Where Do We Go from Here?.
This book contributes substantively to the current state-of-the-art of macroeconomics by providing a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields like the microeconomics of capital market imperfections, industrial dynamics and the theory of stochastic processes can be fruitfully combined to improve our understanding of macroeconomic dynamics. This book should be a valuable resource for all researchers interested in analyzing macroeconomic issues without recurring to a fictitious representative agent.
Statistical physics.
Dynamical systems.
Economic policy.
Economics.
Industrial organization.
Macroeconomics.
Finance.
Complex Systems.
Political Economy/Economic Systems.
Industrial Organization.
Macroeconomics/Monetary Economics//Financial Economics.
Finance, general.
Statistical Physics and Dynamical Systems.
New Economic Windows