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Agent-based models: understanding the economy from the bottom up

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  • Turrell, Arthur

    (Bank of England)

Abstract
This article considers the strengths of agent-based modelling, which explains the behaviour of a system by simulating the behaviour of each individual ‘agent’ in it, and the ways that it can be used to help central banks understand the economy.

Suggested Citation

  • Turrell, Arthur, 2016. "Agent-based models: understanding the economy from the bottom up," Bank of England Quarterly Bulletin, Bank of England, vol. 56(4), pages 173-188.
    • Handle: RePEc:boe:qbullt:0207
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    File URL: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2016/agent-based-models-understanding-the-economy-from-the-bottom-up.pdf?la=en&hash=66A41463EC6EBCDD4B040AA27A8DF7929387A5B6
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