Macroeconomic Policy in DSGE and Agent-Based Models Redux: New Developments and Challenges Ahead

Abstract

The Great Recession seems to be a natural experiment for economic analysis, in that it has shown the inadequacy of the predominant theoretical framework — the New Neoclassical Synthesis (NNS) — grounded on the DSGE model. In this paper, we present a critical discussion of the theoretical, empirical and political-economy pitfalls of the DSGE-based approach… (More)

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Cite this paper

@inproceedings{Fagiolo2016MacroeconomicPI, title={Macroeconomic Policy in DSGE and Agent-Based Models Redux: New Developments and Challenges Ahead}, author={Giorgio Fagiolo and Andrea Roventini}, year={2016} }