Tesfatsion, Leigh

Post Walrasian Macroeconomics: Beyond the Dynamic Stochastic General Equilibrium Model, Cambridge, UK, (Spring 2006) (Originally published as WP #05023, April 2006)

Agent-based Computational Economics (ACE) is the computational study of economic processes modeled as dynamic systems of interacting agents. This essay discusses the potential use of ACE modeling tools for the study of macroeconomic systems. Points are illustrated using an ACE model of a two-sector decentralized market economy. Related work can be accessed here: http://www.econ.iastate.edu/tesfatsi/amulmark.htm

JEL Classification: C6, D, E

Keywords: agent-based computational economics

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