Abstract The Great Recession seems to be a natural experiment for economic analysis, in
that it has shown the inadequacy of the predominant theoretical framework-the New …

This work nests the Agent-Based macroeconomic perspective into the earlier history of
macroeconomics. We discuss how the discipline in the 70's took a perverse path relying on …

This survey discusses behavioral and experimental macroeconomics, emphasizing a
complex systems perspective. The economy consists of boundedly rational heterogeneous …

Agent‐based computational economics (ACE) has been used for tackling major research
questions in macroeconomics for at least two decades. This growing field positions itself as …

This chapter surveys heterogeneous agent models with rational expectations that deliver a
finite number of heterogeneous agents as an equilibrium outcomes. Instead of having a …

Abstract The New Keynesian theory of inflation determination is tested in this paper by
means of laboratory experiments. We find that the Taylor principle is a necessary condition …

Expectations play a crucial role in modern macroeconomic models. We consider a New
Keynesian framework under a behavioral model of expectation formation and under rational …

In this paper we extend the behavioral macroeconomic model as proposed by De Grauwe
(2012) to include a banking sector. The behavioral model takes the view that agents have …

This paper is a survey of the burgeoning literature that seeks to take the enigmatic concept
of the animal spirits more seriously by building heterodox macro‐dynamic models that can …

Policy implications are derived for an inflation-targeting central bank, whose credibility is
endogenous and depends on its past ability to achieve its targets. This is done in a New …