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Introducing Bottom-up Adaptive Macroeconomics

  • Domenico Delli Gatti
  • Saul Desiderio
  • Edoardo Gaffeo
  • Pasquale Cirillo
  • Mauro Gallegati
Part of the New Economic Windows book series (NEW, volume 1)

Abstract

Contemporary economics is in troubled waters. This is true most of all for that particular area of the economic discourse labeled macroeconomics. Although in our days there exists a consolidated and celebrated mainstream framework known as Dynamic Stochastic General Equilibrium (DSGE) model (Blanchard, 2008; Woodford, 2008), its internal coherence and ability in explaining the empirical evidence are increasingly questioned from several quarters (Colander, 2006; Howitt et al., 2008; Juselius and Franchi, 2007), especially after the turmoil of the first global crises of the XXIst century has materialized almost unannounced and misconstrued (Driffill, 2008).

Keywords

General Equilibrium Model Representative Agent Price Vector Neoclassical Economic Dynamic Stochastic General Equilibrium 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Copyright information

© Springer-Verlag Italia 2011

Authors and Affiliations

  • Domenico Delli Gatti
    • 1
  • Saul Desiderio
    • 2
  • Edoardo Gaffeo
    • 3
  • Pasquale Cirillo
    • 4
  • Mauro Gallegati
    • 2
  1. 1.Catholic University of MilanItaly
  2. 2.Università Politecnica delle MarcheAnconaItaly
  3. 3.University of TrentoItaly
  4. 4.University of BernSwitzerland

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