Keynesian And Neoclassical Closures In An Agent-Based Context

Download

215-344-1-PB.pdf

Date

2008-6

Author

Gibson, Bill

Metadata

Show full item record

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Item Usage Stats

115
views

39
downloads

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 It is argued that with the advent of agent-based or multi-agent systems, the closure debate is superseded.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

Collections

Department of Economics, Article

Suggestions

OpenMETU
Core

Some remarks on vector-valued integration Kadets, Vladimir; Shumyatskiy, Boris; Shvidkoy, Roman; Zheltukhın, Kostyantyn; Tseytlin, Leonid (2002-02-01) The paper continues the study of the notion of Riemann–Lebesgue integral, which was introduced before by two of the authors. The result about the convexity of the limit set of integral sums is generalized to the case of weakly-compactly generated spaces. The notion of Riemann–Lebesgue integral is used to introduce new classes of Banach spaces. The properties of these new spaces are studied.
Dynamical systems and Poisson structures Guerses, Metin; Guseinov, Gusein Sh; Zheltukhın, Kostyantyn (AIP Publishing, 2009-11-01) We first consider the Hamiltonian formulation of n=3 systems, in general, and show that all dynamical systems in R-3 are locally bi-Hamiltonian. An algorithm is introduced to obtain Poisson structures of a given dynamical system. The construction of the Poisson structures is based on solving an associated first order linear partial differential equations. We find the Poisson structures of a dynamical system recently given by Bender et al. [J. Phys. A: Math. Theor. 40, F793 (2007)]. Secondly, we show that al...
Quantum mechanical treatment of the problem of constraints in non-extensive formalism revisited Bagci, G. B.; Arda, Altug; Sever, Ramazan (World Scientific Pub Co Pte Lt, 2007-07-10) The purity of Werner state in non-extensive formalism associated with two different constraints has been calculated in a previous paper by Bagci et al.(17) Two different results have been obtained corresponding to ordinary probability and escort probability. The former has been shown to result in negative values thereby leading authors to deduce the advantage of escort probabilities over ordinary probabilities. However, these results have only been for a limited interval of q values which lie between 0 and ...
Dynamical Gene-Environment Networks Under Ellipsoidal Uncertainty: Set-Theoretic Regression Analysis Based on Ellipsoidal OR Kropat, Erik; Weber, Gerhard Wilhelm; Belen, Selma (2008-09-12) We consider dynamical gene-environment networks under ellipsoidal uncertainty and discuss the corresponding set-theoretic regression models. Clustering techniques are applied for an identification of functionally related groups of genes and environmental factors. Clusters can partially overlap as single genes possibly regulate multiple groups of data items. The uncertain states of cluster elements are represented in terms of ellipsoids referring to stochastic dependencies between the multivariate data varia...
BAYESIAN UNIT-ROOT TESTING IN STOCHASTIC VOLATILITY MODELS WITH CORRELATED ERRORS Kalaylıoğlu Akyıldız, Zeynep Işıl; Ghosh, Sujit K. (2013-12-01) A series of returns are often modeled using stochastic volatility models. Many observed financial series exhibit unit-root non-stationary behavior in the latent AR(1) volatility process and tests for a unit-root become necessary, especially when the error process of the returns is correlated with the error terms of the AR(1) process. In this paper, we develop a class of priors that assigns positive prior probability on the non-stationary region, employ credible interval for the test, and show that Markov Ch...

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.