THE AGENT-BASED APPROACH TO POST KEYNESIAN MACRO-MODELING
Authored by Unknown
Date Published: 2017
DOI: 10.1111/joes.12244
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Abstract
The paper presents a survey of Post Keynesian (PK) agent-based (AB)
models and AB models with PK features. It is argued that AB modeling is
fully consistent with the PK approach and that the cross-fertilization
can benefit both areas of research. The survey focuses on how the
various models have faced the issues implied by adopting a bottom-up
approach in a traditionally aggregative structure and highlights the
additional insights coming from this modeling strategy. Particular
attention is devoted to stock-flow consistent AB models for theivvr
potential in defining a new benchmark for this type of research.
Tags
Agent-based modeling
Business Fluctuations
Financial fragility
Macroeconomics
Technological-change
Credit
Income-distribution
Policies
Accelerator
Industrial dynamics
Economies
Stock-flow consistent modeling
Post keynesian
economics