Keynesian And Neoclassical Closures In An Agent-Based Context

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2008-6

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Gibson, Bill

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Since the “closure debate” of the 1980s it is well known that comparative static derivatives in analytical macro models are highly sensitive to the closure rule selected. This led Keynesians to conclude that Keynesian closures were superior to those favored by the orthodoxy and vice versa. It is argued that with the advent of agent-based or multi-agent systems, the closure debate is superseded. While elements of both Keynesian and neoclassical models survive the transition to the more synthetic environment, an agent-based approach eliminates the need for drastic simplification that was at the root of the debate from the beginning.

Subject Keywords

Agent-Based Models, Multi-Agent Systems, Macroeconomic Closure

URI

https://hdl.handle.net/11511/58410

Journal

ODTÜ Gelişme Dergisi

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Department of Economics, Article

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Citation Formats

B. Gibson, “Keynesian And Neoclassical Closures In An Agent-Based Context,” ODTÜ Gelişme Dergisi, vol. 35, no. 1, pp. 81–100, 2008, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/58410.