Empirical facts from financial data pose some of the most difficult puzzles for equilibrium macroeconomic modeling. Features such as volatility, excess kurtosis, and conditional heteroscedasticity are not easily replicated by any single representative agent model. Most agent-based financial markets are able to match a good subset of these features quite easily. This paper will summarize some of the results from an agent-based model. It will be argued that agent-based approaches also make more sense economically then their representative agent competition. They will also be compared and contrasted with approaches coming from the behavioral finance perspective as well.
WASHINGTON, Jan. 4, 2012 /PRNewswire-USNewswire/ -- Crowell & Moring LLP is pleased to announce that experienced broker-dealer attorneys Linda Lerner and Eden L. Rohrer ha...
Richard Baldwin, Toshihiro Okubo, 24 May 2012New-paradigm globalisation – driven by lower coordination costs rather than trade costs – is changing the nature of internatio...
