Agent-based models come of age
Central banks are increasingly modelling the economy as a complex system
In 2018, Central Banking published an in-depth article on agent-based models (ABMs). The piece framed the tools as a possible ‘new frontier’ for understanding macroeconomics. At the time, the models were not well known in economics, though they had been widely used in other disciplines. A few visionaries, including the Bank of England’s then-chief economist, Andrew Haldane, and the University of Oxford’s Doyne Farmer, served as advocates. But a lot of work remained to be done before ABMs could
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