The Agent‐Based Approach to Post Keynesian Macro‐Modeling

21 Pages Posted: 13 Nov 2017

See all articles by Corrado Di Guilmi

Corrado Di Guilmi

University of Technology Sydney (UTS) - UTS Business School

Date Written: December 2017

Abstract

The paper presents a survey of Post Keynesian (PK) agent‐based (AB) models and AB models with PK features. It is argued that AB modeling is fully consistent with the PK approach and that the cross‐fertilization can benefit both areas of research. The survey focuses on how the various models have faced the issues implied by adopting a bottom–up approach in a traditionally aggregative structure and highlights the additional insights coming from this modeling strategy. Particular attention is devoted to stock‐flow consistent AB models for their potential in defining a new benchmark for this type of research.

Keywords: Agent‐based Modeling, Stock‐flow consistent modeling, Post Keynesian economics

Suggested Citation

Di Guilmi, Corrado, The Agent‐Based Approach to Post Keynesian Macro‐Modeling (December 2017). Journal of Economic Surveys, Vol. 31, Issue 5, pp. 1183-1203, 2017, Available at SSRN: https://ssrn.com/abstract=3069159 or http://dx.doi.org/10.1111/joes.12244

Corrado Di Guilmi (Contact Author)

University of Technology Sydney (UTS) - UTS Business School ( email )

Sydney
Australia

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