scholarly journals Macroeconomic Policy in DSGE and Agent-Based Models

2012 ◽  
Vol 124 (5) ◽  
pp. 67 ◽  
Author(s):  
Giorgio Fagiolo ◽  
Andrea Roventini
Author(s):  
Gottfried Haber

SummaryMacroeconomic policy analysis is a challenge for agent-based models because these types of model are generally much elaborated on the specific market levels for partial (micro) markets, but have been of limited use for macroeconomic policy issues due to calibration and “model closure” issues.Moreover, macroeconomic policy measures at a high level of aggregation, such as general fiscal policy and monetary policy, tend to include several microeconomic aspects determined by the macroeconomic policy makers (i.e. the specific process of money transmission, budget constraints within/for the public sector, etc.), which are not usually captured by agent-based models with an emphasis on microfoundation. Thus, a fully-specified macroeconomic agent-based model, AS1, is applied in this paper. Specifically, the monetary sector is modeled in detail, and both the central bank and the public sector are set up as separate agents with their own expectations and behavior. The paper has two aims: (a) to show that economic policy may be analyzed in this context with more elaborate expectation formation mechanisms than in traditional models, and (b) to demonstrate that this might change the assessment of policy effectiveness. Two illustrative examples for monetary and fiscal policies are presented with different levels of rationality and differences in the expectation formation process.


2021 ◽  
Vol 9 (2) ◽  
pp. 417
Author(s):  
Sherli Koshy-Chenthittayil ◽  
Linda Archambault ◽  
Dhananjai Senthilkumar ◽  
Reinhard Laubenbacher ◽  
Pedro Mendes ◽  
...  

The human microbiome has been a focus of intense study in recent years. Most of the living organisms comprising the microbiome exist in the form of biofilms on mucosal surfaces lining our digestive, respiratory, and genito-urinary tracts. While health-associated microbiota contribute to digestion, provide essential nutrients, and protect us from pathogens, disturbances due to illness or medical interventions contribute to infections, some that can be fatal. Myriad biological processes influence the make-up of the microbiota, for example: growth, division, death, and production of extracellular polymers (EPS), and metabolites. Inter-species interactions include competition, inhibition, and symbiosis. Computational models are becoming widely used to better understand these interactions. Agent-based modeling is a particularly useful computational approach to implement the various complex interactions in microbial communities when appropriately combined with an experimental approach. In these models, each cell is represented as an autonomous agent with its own set of rules, with different rules for each species. In this review, we will discuss innovations in agent-based modeling of biofilms and the microbiota in the past five years from the biological and mathematical perspectives and discuss how agent-based models can be further utilized to enhance our comprehension of the complex world of polymicrobial biofilms and the microbiome.


Sign in / Sign up

Export Citation Format

Share Document