Beyond DSGE Models: Toward an Empirically Based Macroeconomics

@article{Colander2008BeyondDM,
  title={Beyond DSGE Models: Toward an Empirically Based Macroeconomics},
  author={David C. Colander and P. Howitt and A. Kirman and A. Leijonhufvud and Perry Mehrling},
  journal={The American Economic Review},
  year={2008},
  volume={98},
  pages={236-240}
}
This paper argues that macro models should be as simple as possible, but not more so. Existing models are “more so” by far. It is time for the science of macro to step beyond representative agent, DSGE models and focus more on alternative heterogeneous agent macro models that take agent interaction, complexity, coordination problems and endogenous learning seriously. It further argues that as analytic work on these scientific models continues, policy-relevant models should be more empirically… Expand
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