Séminaire COURNOT – Muriel DAL PONT LEGRAND (Université Côte d’Azur)

Détails de l'événement :

« Is there cross-fertilization in macroeconomics? » coécrit avec Martina Cioni, Eugenio Petrovich et Alberto Baccini.

Résumé : Using both history of economic analysis and bibliometric tools, this paper examines to what extent recent trends in macroeconomics may reveal the degree of to what extent we can observe cross-fertilization between competing research programs. Specifically, this paper tackles the curse of well-established Dynamic Stochastic General Equilibrium (DSGE) models compared to the more recent Macro Agent-Based Models (MABMs). Following a short introduction to the MABM approach, we check first for convergence in the respective DSGE and MABM research agendas, and then examine to what extent MABMs’ ideas or concepts developed initially by these models have in fine been absorbed by DSGE models. Our investigation shows first that the DSGE approach has become less monolithic than in the New Synthesis period. For instance, at the margins of the core DSGE approach a large and a growing literature has developed which includes elements of heterogeneous agent modeling and social interactions, bounded rationality, macroeconomics experiments, formation of expectations, learning, etc. Second, we acknowledge the range of possible degrees of “absorption” and consider the specific case of “hybrid” models. We interrogate the specific goals associated to these different modeling strategies, and examine how much those models can be considered part of a cross-fertilization process.