CORDIS Project
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This project investigates methods for estimating large-scale agent-based models to improve macroeconomic analysis. It focuses on applying simulated minimum distance and sequential Monte Carlo methods to enhance understanding of complex economic systems.
The financial crisis has highlighted many shortcomings of conventional macro models.
Agent-based (AB) models are considered a promising alternative and -thanks also to some important projects financed by the European Commission- Europe is on the frontier of research in the field.
However, AB models are rarely taken to the data, but for some ad hoc calibration.
Until estimation of AB models become a common practice, they will not get to the center stage of macroeconomics, and policy makers will…
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