Journal of Economic Interaction and Coordination

, Volume 5, Issue 2, pp 111–135

Complex agent-based macroeconomics: a manifesto for a new paradigm

  • Domenico Delli Gatti
  • Edoardo Gaffeo
  • Mauro Gallegati
Regular Article

Abstract

This article discusses some issues and challenges facing modern macroeconomics. We argue for the necessity to replace the reductionist approach at the heart of mainstream DSGE models with an approach rooted on the science of complexity and agent-based modelling. To strengthen and exemplify our position, we show a simple example and introduce several items for a research agenda along these lines.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© Springer-Verlag 2010

Authors and Affiliations

  • Domenico Delli Gatti
    • 1
  • Edoardo Gaffeo
    • 2
  • Mauro Gallegati
    • 3
  1. 1.Catholic University of MilanMilanItaly
  2. 2.University of TrentoTrentoItaly
  3. 3.Department of EconomicsUniversità Politecnica delle MarcheAnconaItaly

Personalised recommendations