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Introduction - Improving the Toolbox: New Advances in Agent-Based and Computational Models

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  • Jean-Luc Gaffard

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Mauro Napoletano

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

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.

Suggested Citation

  • Jean-Luc Gaffard & Mauro Napoletano, 2012. "Introduction - Improving the Toolbox: New Advances in Agent-Based and Computational Models," SciencePo Working papers Main hal-01053562, HAL.
    • Handle: RePEc:hal:spmain:hal-01053562
    DOI: 10.3917/reof.124.0007
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-01053562
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    Cited by:

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    Agent-based modelling; economic analysis;

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