REDEFINAMOS
LA ECONOMIA
REDEFINAMOS
LA ECONOMIA
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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. 2011 Level: debutante Macroeconomics From the Bottom Up Doyne Farmer INET Antoine Godin gives a bright, illustrated, introduction to agent-based, stock-flow-consistent modeling, with a clear focus on the agent-based aspect. 2016 Level: adelantado Introduction to Agent-Based Stock-Flow Consistent Modelling Antoine Godin IMK One method of economic modelling that has become increasingly popular in academia, government and the private sector is Agent Based Models, or ABM. These simulate the actions and interactions of thousands or even millions of people to try to understand the economy – for this reason ABM was once described to me as being “like Sim City without the graphics”. One advantage of ABM is that it is flexible, since you can choose how many agents there are (an agent just means some kind of 'economic decision maker' like a firm, consumer, worker or government); how they behave (do they use complicated or simple rules to make decisions?); as well as the environment they act in, then just run the simulation and see what happens as they interact over time. 2020 Level: debutante Agents, agents everywhere Cahal Moran Rethinking Economics 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. 2016 Level: adelantado Agent-based models: understanding the economy from the bottom up Arthur Turrell Bank of England

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