Macroeconomic Policy in DSGE and Agent-Based Models

By Giorgio Fagiolo, Andrea Roventini. 2012

351 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/3cb0190550397856fe4e1cb8bf1eea461f693160

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In Economics and Econometrics

Citations in the corpus

Faraway, So Close: Coupled Climate and Economic Dynamics in an Agent-based Integrated Assessment Model (2018, neutral): “Agent-based models (Tesfatsion and Judd, 2006; Fagiolo and Roventini, 2012, 2017) constitute a valuable and promising alternative to IAMs (Smajgl et al., 2011; Farmer et al., 2015; Stern, 2016; Mer-cure et al., 2016; Balint et al., 2017).”
The public costs of climate-induced financial instability (2019, background): “, 2017], macroeconomics [Fagiolo and Roventini, 2017] and nance [Bonabeau, 2002, Farmer and Foley, 2009], where top-down aggregate modelling might hide eects that boom-up approaches allow disentangling.”
Three green financial policies to address climate risks (2021, neutral): “…see Windrum et al., 2007).35 If the model successfully matches such regularities, this ought to be taken as a robust empirical validation (Fagiolo and Roventini, 2012, 2017b), offering plausibility to its use as a computational laboratory to test impacts and - possibly - policy…”
The effects of Labour Market Reforms upon Unemployment and Income Inequalities: an agent based model (2018, neutral): “See Neugart and Richiardi (2012), Fagiolo and Roventini (2012, 2017) for critical surveys on labour market and macro ABM’s, respectively.”
Estimation of ergodic agent-based models by simulated minimum distance (2015, neutral): “See Kirman (1992) and Forni and Lippi (1997), among others, for a critique of the representative agent assumption, and Fagiolo and Roventini (2012) for a discussion of its role in DSGE models.”
Economic Forecasting with an Agent-Based Model (2020, background): “Due to over-parameterization and the corresponding degrees of freedom, almost any simulation output can be generated with an ABM, and thus replication of stylized facts only represents a weak test for the validity of ABMs (Fagiolo and Roventini, 2017).”
Agent based-stock flow consistent macroeconomics: Towards a benchmark model (2016, background): “…models have proven to be capable of reproducing a significant number of micro and macroeconomic stylized facts (see, for example, Dosi et al., 2010, 2013, 2015; Delli Gatti et al., 2008; Assenza et al., 2015; Riccetti et al., 2014), often outperforming DSGE models (Fagiolo and Roventini, 2012).”
More is different ... and complex! the case for agent-based macroeconomics (2019, background): “In their surveys, Fagiolo and Roventini (2012, 2017) and Dawid and Delli Gatti (2018) discuss the increasing number of ABMs developed in order to address fiscal policy, monetary policy, macroprudential policy, labor market governance, regional convergence and cohesion policies, and climate change.”
From financial instability to green finance: the role of banking and credit market regulation in the Eurace model (2019, positive): “A number of agent-based macro models2 have been proposed in recent years to address the known limitations of the traditional DSGE modelling approach in macroeconomics, see Fagiolo and Roventini (2016) for a comprehensive review and comparison of the two approaches.”
Tipping Points in Macroeconomic Agent-Based Models (2013, neutral): “Roventini, Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles, Journal of Economic Dynamics and Control, 34, 1748-1767 (2010); and [8].”
A Third Wave in the Economics of Climate Change (2015, neutral): “Calibrating and estimating DSGE models can be a controversial exercise (Faglio and Roventini 2012; Grauwe 2010; Fukač and Pagan 2010; Canova and Sala 2009; Canova 2008).”