Macroeconomics From the Bottom Up
Level: beginnerDoyne Farmer | INET, 2011
Based on a critique on econometric and DSGE models (in particular in the context of the financial crisis), Doyne Farmer presents his current research programme that aims at building an agent-based model of the financial and economic crisis. It models heterogeneous agents and from there simulates the economy, firstly for the housing market. The interview gives a short insight in the research programme.
agent-based modelling (ABM) agents decisions DSGE (dynamic stochastic general equilibrium) model econometrics financial crisis housing market macroeconomics modelling