2017/19 | LEM Working Paper Series | ||||||||||||||||
Agent-Based Macroeconomics and Classical Political Economy: Some Italian Roots |
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Giovanni Dosi and Andrea Roventini |
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Keywords | |||||||||||||||||
Agent-Based Macroeconomics, Classical Political Economy, Macrodynamics,
Complexity Theory, L. L. Pasinetti, P. Sylos Labini
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JEL Classifications | |||||||||||||||||
B22, B5, E00, E32, E6, O3, O4
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Abstract | |||||||||||||||||
In this work, we discuss how the rich academic milieu left by
different Italian political economy traditions after WWII paved the
way to the development of a new generation of macroeconomic
agent-based models. The K+S (Dosi et al., 2010, 2016a), CATS (Delli
Gatti et al., 2005, 2011) and EURACE (Cincotti et al., 2010; Teglio et
al., 2012) families of agent- based models are at the frontier of an
alternative macroeconomic research paradigm which considers the
economy as a complex evolving system. The three families of models are
presented in details and their empirical performance and policy
exercises discussed.
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