The aim of this paper is to bridge macro agent-based models with mainstream macroeconomic models by agentifying the baseline New Keynesian DSGE model. The model features multiple, boundedly rational, optimizing agents and is analyzed through numerical simulations. We exploit the flexibility of agent-based modeling to explore the effect of dispersed information on the learning process and on macroeconomic outcomes. We find that with dispersed information monetary and fiscal policy acquire the role of public signals.

A basic New Keynesian DSGE model with dispersed information: An agent-based approach

Alessandro Gobbi;Jakob Grazzini
2019-01-01

Abstract

The aim of this paper is to bridge macro agent-based models with mainstream macroeconomic models by agentifying the baseline New Keynesian DSGE model. The model features multiple, boundedly rational, optimizing agents and is analyzed through numerical simulations. We exploit the flexibility of agent-based modeling to explore the effect of dispersed information on the learning process and on macroeconomic outcomes. We find that with dispersed information monetary and fiscal policy acquire the role of public signals.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11571/1345916
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