References
- Alstadheim, R., Bjørnland, H. C., & Maih, J. (2013). Do central banks respond to exchange rate movements? A Markov-switching structural investigation (Working Paper No. 2013/24). Norges Bank. https://www.norges-bank.no/en/news-events/publications/Working-Papers/2013/wp-2013-24/
- Andrle, M., Hlédik, T., Kameník, O., & Vlček, J. (2009). Implementing the new structural model of the Czech National Bank (Working Paper No. 2/2009). Czech National Bank. https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/working_papers/2009/WP_2009_02.pdf
- Assenza, T., Delli Gatti, D., Grazzini, J., Pons, D., & Velez, M. (2021). Monetary policy experiments in an agent-based macroeconomic model. Open Access Library Journal, 8, 1–43. https://doi.org/10.4236/oalib.1107375
- Axtell, R. L., & Farmer, J. D. (2025). Agent-based modeling in economics and finance: Past, present, and future. Journal of Economic Literature, 63(1), 197–287. https://doi.org/10.1257/jel.20221319
- Ball, L., Leigh, D., & Loungani, P. (2017). Okun’s law: Fit at 50? Journal of Money, Credit and Banking, 49(7), 1413–1441. https://doi.org/10.1111/jmcb.12420
- Baptista, R., Farmer, J. D., Hinterschweiger, M., Low, K., Tang, D., & Uluc, A. (2016). Macroprudential policy in an agent-based model of the UK housing market (Staff Working Paper No. 619). Bank of England. https://www.bankofengland.co.uk/working-paper/2016/macroprudential-policy-in-an-agent-based-model-of-the-uk-housing-market
- Bardoscia, M., Caccioli, F., Cima, S., & Farmer, J. D. (2024). The impact of prudential regulations on the UK housing market and economy: Insights from an agent-based model (Staff Working Paper No. 1066). Bank of England. https://www.bankofengland.co.uk/working-paper/2024/the-impact-of-prudential-regulations-on-the-uk-housing-market-and-economy
- Barucci, E., Marazzina, D., & Mastrogiacomo, E. (2025). Central bank digital currency, flight-to-quality, and financial stability (arXiv:2510.21071). arXiv. https://arxiv.org/abs/2510.21071
- Blanchard, O. J. (2018). On the future of macroeconomic models. Oxford Review of Economic Policy, 34(1-2), 43–54. https://doi.org/10.1093/oxrep/grx045
- Bookstaber, R. (2017). The end of theory: Financial crises, the failure of economics, and the sweep of human interaction. Princeton University Press. https://ideas.repec.org/a/umk/journl/v9y2017i4p113-115.html
- Borsos, A., Carro, A., Glielmo, A., Hinterschweiger, M., Kaszowska-Mojsa, J., & Uluc, A. (2025). Agent-based modeling at central banks: Recent developments and new challenges (Staff Working Paper No. 1122). Bank of England. https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2025/agent-based-modeling-at-central-banks-recent-developments-and-new-challenges.pdf
- Bruzda, J., Hlédik, T., Humpl, T., Türk, R., & Vlček, J. (2023). G3+: An extended core model of the Czech National Bank (Working Paper No. 2023/6). Czech National Bank.
- Caccioli, F., Shrestha, M., Moore, C., & Farmer, J. D. (2014). Stability analysis of financial contagion due to overlapping portfolios. Journal of Banking & Finance, 46, 233-245. https://doi.org/10.1016/j.jbankfin.2014.05.021
- Caiani, A., Godin, A., Caverzasi, E., Gallegati, M., Kinsella, S., & Stiglitz, J. E. (2016). Agent-based stock-flow consistent macroeconomics: Towards a benchmark model. Journal of Economic Dynamics and Control, 69, 375–408. https://doi.org/10.1016/j.jedc.2016.06.001
- Catullo, E., Gallegati, M., & Palestrini, A. (2017). Early warning indicators and macro-prudential policies: A credit network agent-based model. Journal of Economic Interaction and Coordination, 12(3), 561–591. https://doi.org/10.1007/s11403-016-0170-4
- Cincotti, S., Raberto, M., & Teglio, A. (2022). Why do we need agent-based macroeconomics? Review of Evolutionary Political Economy, 3(2), 329–358. https://doi.org/10.1007/s43253-022-00071-w
- Clarida, R., Galí, J., & Gertler, M. (1999). The science of monetary policy: A New Keynesian perspective. Journal of Economic Literature, 37(4), 1661–1707. https://doi.org/10.1257/jel.37.4.1661
- Dawid, H., Gemkow, S., Harting, P., van der Hoog, S., & Neugart, M. (2012). The Eurace@Unibi model: An agent-based macroeconomic model for economic policy analysis. Bielefeld University. https://pub.uni-bielefeld.de/record/2622068
- Delli Gatti, D., & Grazzini, J. (2020). Rising to the challenge: Bayesian estimation and forecasting techniques for macroeconomic agent-based models. Journal of Economic Behavior & Organization, 178, 875–902. https://doi.org/10.1016/j.jebo.2020.09.006
- Dosi, G., Fagiolo, G., Napoletano, M., Roventini, A., & Treibich, T. (2019). Fiscal and monetary policies in complex evolving economies. Journal of Economic Dynamics and Control, 101, 130–149. https://doi.org/10.1016/j.jedc.2019.01.002
- Dosi, G., Palagi, E., Roventini, A., & Russo, E. (2020). Fiscal and monetary policies in interacting macroeconomic agent-based models (LEM Working Paper Series No. 2020/19). Scuola Superiore Sant’Anna.
- Fagiolo, G., & Roventini, A. (2017). Macroeconomic policy in DSGE and agent-based models redux: New developments and challenges ahead. Journal of Artificial Societies and Social Simulation, 20(1), 1. https://doi.org/10.18564/jasss.3305
- Galí, J. (2015). Monetary policy, inflation, and the business cycle: An introduction to the new Keynesian framework. Princeton University Press.
- Geanakoplos, J., Axtell, R., Farmer, J. D., Howitt, P., Conlee, B., Goldstein, J., Hendrey, M., Palmer, N. M., & Yang, C. Y. (2012). Getting at systemic risk via an agent-based model of the housing market. American Economic Review, 102(3), 53–58. https://doi.org/10.1257/aer.102.3.53
- Gross, M., & Letizia, E. (2023). To demand or not to demand: On quantifying the future appetite for CBDC (IMF Working Paper No. 23/009). International Monetary Fund. https://www.imf.org/en/publications/wp/issues/2023/01/20/to-demand-or-not-to-demand-on-quantifying-the-future-appetite-for-cbdc-528060
- Haldane, A. G., & May, R. M. (2011). Systemic risk in banking ecosystems. Nature, 469(7330), 351–355. https://doi.org/10.1038/nature09659
- Herbst, E. P., & Schorfheide, F. (2016). Bayesian estimation of DSGE models. Princeton University Press. https://www.wpz-research.com/wp-content/uploads/2021/10/HerbstSchorfheide2016BayesianEstimationofDSGEModels.pdf
- Hlédik, T., Madjoska, J., Miteski, M., & Vlcek, M. J. (2024). Overview of the New Calibrated DSGE Model of the Economy of North Macedonia. (IMF Working Paper No. 2024/187) https://www.imf.org/-/media/files/publications/wp/2024/english/wpiea2024187-print-pdf.pdf.
- Hommes, C., & Poledna, S. (2023). Analyzing and forecasting economic crises with an agent-based model of the euro area (SSRN Working Paper No. 4381261). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4381261
- Infante, S., & Saez, F. (2023). Retail central bank digital currencies: Implications for banking and financial stability (FEDS Notes). Board of Governors of the Federal Reserve System. https://www.federalreserve.gov/econres/feds/files/2023072pap.pdf
- Jin, H., & Xiong, C. (2021). Fiscal stress and monetary policy stance in oil-exporting countries. Journal of International Money and Finance, 111, 102302. https://doi.org/10.1016/j.jimonfin.2020.102302
- Lamperti, F., Dosi, G., Napoletano, M., Roventini, A., & Sapio, A. (2019). Faraway, so close: Coupled climate and economic dynamics in an agent-based integrated assessment model. Ecological Economics, 150, 315–339. https://www.sciencedirect.com/science/article/abs/pii/S0921800917314623
- LeBaron, B., & Tesfatsion, L. (2008). Modeling macroeconomies as open-ended dynamic systems of interacting agents. American Economic Review, 98(2), 246–250. https://doi.org/10.1257/aer.98.2.246
- Lengnick, M. (2013). Agent-based macroeconomics: A baseline model. Journal of Economic Behavior & Organization, 86, 102–120. https://doi.org/10.1016/j.jebo.2012.12.021
- Levine, P., Gilbert, N., Holden, T., & Kalkan, O. D. (2013). Agent-based and DSGE macroeconomic models: A comparative study (ESRC Project ES/K005154/1). University of Surrey. https://gtr.ukri.org/projects?ref=ES%2FK005154%2F1
- Mérő, B., Borsos, A., Hosszú, A., Varga, L., & Zagábszki, G. (2023). A high-resolution, data-driven agent-based model of the housing market. Journal of Economic Dynamics and Control, 155, 104746. https://doi.org/10.1016/j.jedc.2023.104746
- Napoletano, M. (2018). A short walk on the wild side: Agent-based models and their implications for macroeconomic analysis. Revue de l’OFCE, 157, 259–272. https://doi.org/10.3917/reof.157.0259
- Omotosho, B. S. (2019). Oil price shocks, fuel subsidies and macroeconomic (in)stability in Nigeria. CBN Journal of Applied Statistics, 10(2), 1–38. https://dc.cbn.gov.ng/jas/vol10/iss2/1/
- Peters, F., Neuberger, D., Reinhardt, O., & Uhrmacher, A. (2022). A basic macroeconomic agent-based model for analyzing monetary regime shifts. PLOS ONE, 17(12), e0277615. https://doi.org/10.1371/journal.pone.0277615
- Poledna, S., Miess, M. G., Hommes, C., & Rabitsch, K. (2023). Economic forecasting with an agent-based model. European Economic Review, 151, 104306. https://doi.org/10.1016/j.euroecorev.2022.104306
- Ruge-Murcia, F. J. (2013). Generalized method of moments estimation of DSGE models. In N. Hashimzade & M. A. Thornton (Eds.), *Handbook of research methods and applications in empirical macroeconomics* (pp. 464–485). Edward Elgar Publishing. https://china.elgaronline.com/edcollchap/edcoll/9780857931016/9780857931016.00028.pdf
- Schasfoort, D., Godin, D., Bezemer, D., Caiani, A., & Kinsella, S. (2021). Monetary policy transmission in a macroeconomic agent-based model. University of Groningen. https://pure.rug.nl/ws/files/56663482/Schasfoort_Godin_Bezemer_Caiani_Kinsella_SOMWP_Final.pdf
- Silva, T. C. de. (2019). A comparative study between agent-based and DSGE macroeconomic models (Master’s thesis, Universidade Estadual Paulista). https://agendapos.fclar.unesp.br/agenda-pos/economia/4925.pdf
- Smets, F., & Wouters, R. (2007). Shocks and frictions in U.S. business cycles: A Bayesian DSGE approach. American Economic Review, 97(3), 586–606. https://doi.org/10.1257/aer.97.3.586
- Tesfatsion, L. (2006). Agent-based computational economics: A constructive approach to economic theory. In L. Tesfatsion & K. L. Judd (Eds.), Handbook of computational economics (Vol. 2, pp. 831–880). North-Holland. https://doi.org/10.1016/S1574-0021(05)02016-1
Language: English
Page range: 48 - 64
Published on: Jun 16, 2026
Published by: Silesian University in Opava
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year
Keywords:
Related subjects:
© 2026 Nour Safar, published by Silesian University in Opava
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.