Keynesian And Neoclassical Closures In An Agent-Based Context

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 It is argued that with the advent of agent-based or multi-agent systems, the closure debate is superseded.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


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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: