000			01865cam a2200277 4500500
005			20250123141526.0
041			_afre
042			_adc
100	1	0	_aFagiolo, Giorgio _eauthor
700	1	0	_a Roventini, Andrea _eauthor
245	0	0	_aMacroeconomic Policy in DSGE and Agent-Based Models
260			_c2012.
500			_a4
520			_aThe Great Recession seems to be a natural experiment for macroeconomics showing the inadequacy of the predominant theoretical framework—the New Neoclassical Synthesis—grounded on the DSGE model. In this paper, we present a critical discussion of the theoretical, empirical and political-economy pitfalls of the DSGE-based approach to policy analysis. We suggest that a more fruitful research avenue to pursue is to explore alternative theoretical paradigms, which can escape the strong theoretical requirements of neoclassical models (e.g., equilibrium, rationality, representative agent, etc.). We briefly introduce one of the most successful alternative research projects—known in the literature as agent-based computational economics (ACE)—and we present the way it has been applied to policy analysis issues. We then provide a survey of agent-based models addressing macroeconomic policy issues. Finally, we conclude by discussing the methodological status of ACE, as well as the (many) problems it raises.
690			_anew keynesian models
690			_amonetary and fiscal policies
690			_agreat recession
690			_aeconomic policy
690			_anew neoclassical synthesis
690			_aagent-based computational economics
690			_aagent-based models
690			_aDSGE models
690			_acrisis
786	0		_nRevue de l'OFCE | 124 | 5 | 2012-11-02 | p. 67-116 | 1265-9576
856	4	1	_uhttps://shs.cairn.info/revue-de-l-ofce-2012-5-page-67?lang=en&redirect-ssocas=7080
999			_c838779 _d838779