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El jueves 4 de marzo a las 17 horas tendrá lugar, en modalidad virtual, un Seminario de investigación del GIDE titulado "Is Cross-fertilization possible in macroeconomics? DSGE confronted to MABM models", a cargo de la Profesora (Ph.D.) Muriel Dal Pont Legrand, Université Côté d’Azur CNRS GREDEG, Institut Supérieur d’Economie et de Management (ISEM).
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Resumen
This paper proposes to examine the nature of influence that Macro-Agents Based Models (MABM) might be having on the macroeconomics research agenda. First, we propose to identify the different topics investigated by the DSGE and MABM approaches and then determine whether there is convergence in their respective research agendas. Second, since this (potential) influence might be superficial, we propose to examine to what extent more precise ideas or concepts initially developed by MABM have in fine been absorbed - and how - by DSGE models. We show first that the DSGE approach is less monolithic than at the time of the New Synthesis: indeed, a large and a growing literature has developed at the margins of the core DSGE approach which includes elements of heterogeneous agent modelling and social interactions, bounded rationality, macroeconomics experiments, expectations formation, learning etc. Next, we acknowledge the variety of possible degrees of “absorption”: if the core DSGE mod el assumptions are maintained the absorption process might be limited, but if some of these assumptions are relaxed this allows the emergence of so-called “hybrid” models. In addition, the paper questions the capacity of the current dominant approach to benefit from cross-fertilization and to more precisely define the nature of that process.
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