Wang, B. and Guocheng, W. (2019) New research progress on macroeconomic models from the perspective of micro-behavior(微观行为视角下宏观经济模型的新进展). Dynamics of Economics (经济学动态), 2019 (11). pp. 126-139. ISSN 1002-8390
Abstract
Studying macroeconomic issues through combining agent-based modeling and Agent-Based Modeling & Simulating (ABMs) as well as micro-behavior analysis to is beneficial to enhancing the scientific, explanatory and predictive power of macroeconomic models. This paper compares and contrasts macroeconomic models such as DSGE, new Keynes series, complex evolution system modeling and ABMs model from the perspective of deepening microbehavior basis, simulating economic operation mechanism and revealing macroscopic complex phenomena. The paper indicates the necessity and importance of micro-behavioral analysis and discusses the new characteristics of macroeconomic models, the internal motivation and promotion path of these models, the inevitable trend of future macro-micro integration, and the existing resistance and obstacles. Then, the paper points out the adaptability, possible improvements and development trend in the construction of economic theory and policy evaluation in China.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2019 Dynamics of Economics magazine, Institute of Economics, Chinese Academy of Social Sciences. |
Keywords: | Micro-behavior; Agent-based modeling; macroeconomic model evolution; dynamic stochastic general equilibrium; new Keynesian behavioral model; Macroeconomic Models |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Department of Economics (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 12 Oct 2022 09:23 |
Last Modified: | 12 Oct 2022 09:23 |
Published Version: | http://www.jjxdt.org/Magazine/GetIssueContentList?... |
Status: | Published |
Publisher: | Institute of Economics of the Chinese Academy of Social Sciences |
Refereed: | Yes |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:191279 |