THE AGENT-BASED APPROACH TO POST KEYNESIAN MACRO-MODELING

Publication Type:
Journal Article
Citation:
Journal of Economic Surveys, 2017, 31 (5), pp. 1183 - 1203
Issue Date:
2017-12-01
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© 2017 John Wiley & Sons Ltd. 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 theivvr potential in defining a new benchmark for this type of research.
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