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© 2011

Macroeconomics from the Bottom-up

Benefits

  • Two foundational chapters on Bottom-up Adaptive Macroeconomics

  • First complete analysis of an agent-based macroeconomic model from theoretical foundation to empirical testing

  • Chapter on agent-based models' validation

Book

Part of the New Economic Windows book series (NEW, volume 1)

Table of contents

  1. Front Matter
    Pages i-xii
  2. Domenico Delli Gatti, Saul Desiderio, Edoardo Gaffeo, Pasquale Cirillo, Mauro Gallegati
    Pages 1-24
  3. Domenico Delli Gatti, Saul Desiderio, Edoardo Gaffeo, Pasquale Cirillo, Mauro Gallegati
    Pages 25-44
  4. Domenico Delli Gatti, Saul Desiderio, Edoardo Gaffeo, Pasquale Cirillo, Mauro Gallegati
    Pages 45-83
  5. Domenico Delli Gatti, Saul Desiderio, Edoardo Gaffeo, Pasquale Cirillo, Mauro Gallegati
    Pages 85-99
  6. Domenico Delli Gatti, Saul Desiderio, Edoardo Gaffeo, Pasquale Cirillo, Mauro Gallegati
    Pages 101-110
  7. Back Matter
    Pages 111-122

About this book

Introduction

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.   

Keywords

Agent-based Computational Economics Industrial dynamics Micro-foundedations Validation of simulation models

Authors and affiliations

  1. 1.Catholic University of MilanItaly
  2. 2.Università Politecnica delle MarcheAnconaItaly
  3. 3.University of TrentoItaly
  4. 4.University of BernSwitzerland

About the authors

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Bibliographic information

Industry Sectors
Finance, Business & Banking

Reviews

From the reviews:

“Macroeconomics from the Bottom-up proves that agent-based macroeconomics is finally maturing as a field of research. … Macroeconomics from the Bottom-up can persuade many students that agent-based modeling is one of the best options that economists have for understanding what is currently happening in the real world, i.e. for understanding financial crisis.” (Charlotte Bruun, Journal of Artificial Societies and Social Simulation, Vol. 14 (4), 2011)