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Agent-based Macroeconomics

Agent-based Macroeconomics

Agent-based Macroeconomics

The Schumpeter Meeting Keynes Models
Giovanni Dosi, Scuola Superiore Sant'Anna
Andrea Roventini, Scuola Superiore Sant'Anna
May 2025
Available
Paperback
9781009414210

    This Element is about agent-based macroeconomics in general, and in particular about a family of evolutionary, agent-based models (ABMs), which are called 'Schumpeter meeting Keynes' (or K+S). The K+S models knit together 'Schumpeterian' endogenous processes of innovation with 'Keynesian' mechanisms of demand generation. As with all well-constructed ABMs, the K+S models are populated by a multiplicity of agents which interact on the grounds of quite simple, empirically based, behavioural rules, whose collective outcomes are 'emergent properties' which cannot be imputed to the intention of any single agent. After the K+S model is empirically validated, the impacts of different combinations of innovation, industrial, fiscal, and monetary policies for different labour-market regimes and inequality scenarios are assessed. The Element offers a new perspective on macroeconomics considering the economy as a complex evolving system.

    Product details

    May 2025
    Paperback
    9781009414210
    116 pages
    229 × 152 × 6 mm
    0.183kg
    Available

    Table of Contents

    • 1. Introduction
    • 2. A dismal short story of macroeconomics: from Robinson Crusoe to complex evolutionary economies
    • 3. The emperor is still naked: the intrinsic limits of DSGE models
    • 4. Macroeconomic agent-based models
    • 5. The Schumpeter meeting Keynes model
    • 6. Empirical validation
    • 7. Policy experiments
    • 8. A brief discussion on the future of macroeconomics by way of a conclusion
    • References.
    Resources for
    Type
    Appendix
    Size: 642.32 KB
    Type: application/pdf
      Authors
    • Giovanni Dosi , Scuola Superiore Sant'Anna
    • Andrea Roventini , Scuola Superiore Sant'Anna