THE AGENT-BASED APPROACH TO POST KEYNESIAN MACRO-MODELING

Abstract

The paper presents a survey of Post Keynesian (PK) agent-based (AB) models and AB models with PK features. It is argued that AB modeling is fully consistent with the PK approach and that the cross-fertilization can benefit both areas of research. The survey focuses on how the various models have faced the issues implied by adopting a bottom–up approach in a traditionally aggregative structure and highlights the additional insights coming from this modeling strategy. Particular attention is devoted to stock-flow consistent AB models for theivvr potential in defining a new benchmark for this type of research. Show more