Standard macroeconomics, based on a reductionist approach centered on the representative agent, is badly equipped to explain the empirical evidence where heterogeneity and industrial dynamics are the rule. In this paper we show that a simple agent-based model of heterogeneous financially fragile agents is able to replicate a large number of scaling type stylized facts with a remarkable degree of statistical precision.
Complex dynamics and empirical evidence / Gatti, Dd; Gaffeo, E; Gallegati, Mauro; Giulioni, G; Kirman, A; Palestrini, Antonio; Russo, Alberto. - In: INFORMATION SCIENCES. - ISSN 0020-0255. - 177:5(2007), pp. 1204-1221. [10.1016/j.ins.2006.08.003]
Complex dynamics and empirical evidence
GALLEGATI, Mauro;PALESTRINI, ANTONIO;RUSSO, Alberto
2007-01-01
Abstract
Standard macroeconomics, based on a reductionist approach centered on the representative agent, is badly equipped to explain the empirical evidence where heterogeneity and industrial dynamics are the rule. In this paper we show that a simple agent-based model of heterogeneous financially fragile agents is able to replicate a large number of scaling type stylized facts with a remarkable degree of statistical precision.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
