Macroeconomics from the Bottom-up [electronic resource] /
Delli Gatti, Domenico.author.
Desiderio, Saul.author.
Gaffeo, Edoardo.author.
Cirillo, Pasquale.author.
Gallegati, Mauro.author.
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.   .
Description based upon print version of record.
Title Page; Copyright Page; Preface and Acknowledgements; Table of Contents; Chapter 1 Introducing Bottom-up Adaptive Macroeconomics; 1.1 At the Roots of the Mainstream Weltanschauung; 1.2 Flawed Microfoundations for Irrelevant Macro?; 1.3 The ABC of Complex Economics; 1.4 The Aim and the Contents of this Book; Chapter 2 The Making of the BAM Model; 2.1 A Theory of the Economic Agent; 2.2 Setting the Stage; 2.3 Rules of Behavior; 2.4 Interaction; 2.5 Simulation and Validation; Chapter 3 The BAM Model at Work; 3.1 BAM at Work; 3.2 The Environment; 3.3 The Sequence of Events
3.4 The Labor Market3.5 The Credit Market; 3.6 The Market for Consumption Goods; 3.7 Bankruptcy, Exit and Entry; 3.8 The "Growth+" Model: R&D and Productivity; 3.9 Simulation Results; 3.9.1 The Baseline Scenario; 3.9.2 Profits, R&D and Productivity; 3.9.3 Measuring the Performance of the BAM Model by Means of DSGE Methodology; 3.9.4 Consumption and Buffer Stock; 3.10 Robustness; 3.10.1 Exploration of the Parameter Space; 3.10.2 Preferential Attachment in Consumption and the Entry Mechanism; Chapter 4 Empirical Validation; 4.1 The Empirics of Falsificationism
4.2 On the Microfoundation of Agent-based Models4.3 Data Description; 4.4 Validation Procedure; 4.5 Firms' Size and Growth; 4.6 Interest Rates; 4.7 The Labour Market; Chapter 5 Conclusions; 5.1 Towards a New Paradigm in Macroeconomics; 5.2 Coordination in Asynchronous Markets; 5.3 Networks; 5.4 Monetary Policy; References; Index
Includes bibliographical references and index.
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.   .
Macroeconomics.
Economic growth.
Statistics .
Industrial organization.
Microeconomics.
Macroeconomics/Monetary Economics//Financial Economics.
Economic Growth.
Statistics for Business, Management, Economics, Finance, Insurance.
Industrial Organization.
Microeconomics.
New Economic Windows