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Improving the Toolbox



Type:   Article
Titre:   Improving the Toolbox : New Advances in Agent-Based and Computational Models
Auteur(s):   Gaffard, Jean-Luc - Observatoire français des conjonctures économiques (Auteur)
Napoletano, Mauro (1977-...) - Observatoire français des conjonctures économiques (Auteur)
In:   Revue de l'OFCE - Débats et politiques
Date de publication:   2012-09
Numéro:   124
Pages:   7-14  p.
ISSN:   12659576
DOI:   10.3917/reof.124.0007
Mots-clés:   [en] Agent-Based Models, Micro- and macroeconomic dynamics, Economic models
Résumé:   [en] Are current economic models well equipped to provide useful policy prescriptions? Many economists would have certainly answered, “yes” before the recent Global Recession. This economic crisis has not only demonstrated the importance of banking and financial markets for the dynamics of real economies. It has also revealed the inadequacy of the dominant theoretical framework. Standard models have indeed failed to forecast the advent of the crisis. In addition, they have been unable to indicate a therapy able to restore economic growth. (First paragraph)


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