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Introduction to Agent-Based Stock-Flow Consistent Modelling

Antoine Godin
IMK, 2016
Level: advanced
Perspectives: Complexity Economics, Post-Keynesian Economics
Topic:
Format: Lecture
Duration: 01:24
Link: https://www.youtube.com/watch?v=fnpPEQd5sHw

Antoine Godin gives a bright and illustrated introduction to agent-based, stock-flow-consistent modeling, with a clear focus on the agent-based aspect (as he gave another lecture dedicated to stock-flow consistent modeling at the same conference the year before - see here). It provides an alternative to the neoclassical micro-foundations and does not suffer the fallacy of composition problem.

Find more material from the FMM 2016 Confererence "Towards Pluralism in Macroeconomics? 20 Years-Anniversary Conference of the fmm Research Network" here

 

Go to: Introduction to Agent-Based Stock-Flow Consistent Modelling

Tags: agent-based modelling (ABM) | agents | bounded rationality | complexity | disequilibria | economic agent | heterogeneity | heuristics | introductory courses | microfoundation | modelling | networks | self organisation | Stock-Flow consistent (SFC)
2016
Level: adelantado
Agent-based models: understanding the economy from the bottom up
This article considers the strengths of agent-based modelling and the ways that it can be used to help central banks understand the economy. These models provide a complement to more traditional economic modelling which has been criticised in the wake of the Great Recession.
Arthur Turrell
Bank of England
2011
Level: debutante
Macroeconomics From the Bottom Up
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.
Doyne Farmer
INET
2013
Level: adelantado
Discussing DSGE
Steve Keen discusses DSGE modeling and microfoundations by asking the question if it is ideologically possible to derive macroeconomics from microeconomics.
Steve Keen
ProfSteveKeen

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