| Titre | Macroeconomics in a Self-Organizing Economy | |
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| Auteur | Quamrul Ashraf, Boris Gershman, Peter Howitt | |
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Revue | Revue de l'OFCE (Observations et diagnostics économiques) |
| Numéro | no 124, novembre 2012 Agent-based models and economic policy | |
| Page | 43-65 | |
| Résumé anglais |
This paper emphasizes the importance of considering the mechanisms that coordinate economic transactions in a decentralized economy, namely the role played by a self-organizing network of entrepreneurial trading firms, for theories aimed at guiding macroeconomic policy. We review a research program that aims to understand how, and how well, trading activities are coordinated in various circumstances by employing agent-based computational (ACE) models of stylized economies where these activities take place in a self-organizing network of markets created and operated by profit-seeking business firms. We discuss how such a research program can yield important policy-relevant insights, beyond those that can be offered by conventional dynamic stochastic general equilibrium (DSGE) models, into several macroeconomic phenomena including the emergence of monetary equilibria in a decentralized economy, the microfoundations of the multiplier process, the costs of a higher trend rate of inflation, and the role of the banking system in economic crises. Source : Éditeur (via Cairn.info) |
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| Article en ligne | http://www.cairn.info/article.php?ID_ARTICLE=REOF_124_0043 |
