This chapter surveys work dedicated to macroeconomic analysis using an agent-based
modeling approach. After a short review of the origins and general characteristics of this …

Economists not only failed to anticipate the financial crisis; they may have contributed to it—
with risk and derivatives models that, through spurious precision and untested theoretical …

As we discuss in the first chapter, this book was the product of serendipity—the two of us
finding ourselves on a flight together and discovering how closely our views meshed. Of …

This valuable text provides a comprehensive introduction to VAR modelling and how it can
be applied. In particular, the author focuses on the properties of the Cointegrated VAR …

This paper studies an agent-based model that bridges Keynesian theories of demand-
generation and Schumpeterian theories of technology-fueled economic growth. We employ …

What is the most appropriate combination of fiscal and monetary policies in economies
subject to banking crises and deep recessions? We study this issue using an agent-based …

The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the
crisis invoke three themes, contagion, networks and trust, yet none of these play a major role …

We develop the first agent-based model (ABM) that can compete with benchmark VAR and
DSGE models in out-of-sample forecasting of macro variables. Our ABM for a small open …

Over the past 15 years there has been remarkable progress in the specification and
estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in …

Cover--Halftitle--Title--Copyright--Contents--Preface--1 A Behavioral Macroeconomic Model--
1.1 Introduction--1.2 The Model--1.3 Introducing Heuristics in Forecasting Output--1.4 …