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2. MODELOS CONTABLES Y COMPRENSIÓN DE LA CRISIS FINANCIERA.
- Author
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Bezemer, Dirk J.
- Subjects
ECONOMIC models ,MATHEMATICAL models of macroeconomics ,ECONOMIC equilibrium ,MATHEMATICAL models ,FLOW of funds ,GLOBAL Financial Crisis, 2008-2009 ,NEOCLASSICAL school of economics ,ECONOMIC policy ,FINANCIAL crises ,ECONOMICS ,PREVENTION - Abstract
Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2012
3. UN MODELO INTERDISCIPLINARIO PARA LA MACROECONOMÍA.
- Author
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Haldane, Andrew G. and Turrell, Arthur E.
- Subjects
- *
MACROECONOMICS , *INTERDISCIPLINARY research , *ECONOMIC models , *ECONOMIC equilibrium , *HEURISTIC , *GREAT Recession, 2008-2013 - Abstract
Macroeconomic modelling has been under intense scrutiny since the Great Financial Crisis, when serious shortcomings were exposed in the methodology used to understand the economy as a whole. Criticism has been levelled at the assumptions employed in the dominant models, particularly that economic agents are homogeneous and optimising and that the economy is equilibrating. This paper seeks to explore an interdisciplinary approach to macroeconomic modelling, with techniques drawn from other (natural and social) sciences. Specifically, it discusses agent-based modelling, which is used across a wide range of disciplines, as an example of such a technique. Agent-based models are complementary to existing approaches and are suited to answering macroeconomic questions where complexity, heterogeneity, networks, and heuristics play an important role. [ABSTRACT FROM AUTHOR]
- Published
- 2019
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4. UNDERSTANDING FINANCIAL CRISIS THROUGH ACCOUNTING MODELS
- Author
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Dirk Bezemer and Research programme GEM
- Subjects
Organizational Behavior and Human Resource Management ,medicine.medical_specialty ,Information Systems and Management ,Sociology and Political Science ,Mark-to-market accounting ,flow of funds ,media_common.quotation_subject ,INSTABILITY ,Mainstream economics ,Accounting ,Recession ,CREDIT ,Positive accounting ,recesión ,neoclassical economics ,accounting research ,Economics ,medicine ,Mainstream ,credit crisis ,media_common ,flujo de fondos ,ECONOMICS ,business.industry ,economía neoclásica ,MONEY ,macroeconomía ,prediction ,investigación contable ,macroeconomics ,predicción ,crisis de crédito ,Macroeconomic model ,Financial crisis ,Credit crunch ,recession ,business - Abstract
Este artículo muestra que los modelos macroeconómicos contables ayudaron a prever la crisis de crédito y la recesión económica, mientras que los modelos de equilibrio ubicuos en la formulación de política y la investigación de la corriente principal no. Explora los antecedentes intelectuales del enfoque contable como alternativa a la economía neoclásica y el ascenso y declive de los modelos de flujo de fondos durante la posguerra. Incluye estudios de caso actuales de ambos tipos de modelos y analiza por qué el enfoque contable se ha mantenido fuera de la corriente dominante. Hace recomendaciones constructivas para revisar los métodos de evaluación de la estabilidad financiera y aboga por una "contabilidad de la economía". This paper presents evidence that macroeconomic accounting models helped to anticipate the credit crisis and economic recession, whereas equilibrium models, ubiquitous in mainstream policy and research, did not. This study traces the intellectual pedigree of the accounting approach as an alternative to neo-classical economics, and the postwar rise and decline of flow-of-funds models in policy use. The paper includes contemporary case studies of both types of models, and considers why the accounting approach has remained outside mainstream economics. Finally, it provides constructive recommendations for revising financial stability evaluation methods, and advocates an 'accounting of economics'.
- Published
- 2012
5. An interdisciplinary model for macroeconomics
- Author
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Haldane, Andrew G. and Turrel, Arthur E.
- Subjects
modelo basado en agentes ,modelling ,macroeconomia ,macroeconomía ,Macroeconomics ,modelo baseado em agentes ,modelación ,agent-based model ,modelagem - Abstract
Resumen La modelación macroeconómica está bajo intenso escrutinio desde la gran crisis financiera, que dejó al descubierto los graves defectos de la metodología utilizada para entender la economía en su conjunto. Se critican los supuestos empleados en los modelos dominantes, en particular que los agentes económicos son homogéneos y optimizadores y que la economía se equilibra. Este escrito explora un enfoque interdisciplinario de modelación macroeconómica con técnicas tomadas de otras ciencias, y examina la modelación basada en agentes como ejemplo de esas técnicas. Los modelos basados en agentes complementan los enfoques existentes y son adecuados para responder preguntas macroeconómicas donde la complejidad, la heterogeneidad, las redes y las heurísticas cumplen un papel importante. JEL: E17, E60, C60, A12. Abstract Macroeconomic modelling has been under intense scrutiny since the Great Financial Crisis, when serious shortcomings were exposed in the methodology used to understand the economy as a whole. Criticism has been levelled at the assumptions employed in the dominant models, particularly that economic agents are homogeneous and optimizing and that the economy is equilibrating. This paper seeks to explore an interdisciplinary approach to macroeconomic modelling, with techniques drawn from other (natural and social) sciences. Specifically, it discusses agent-based modelling, which is used across a wide range of disciplines, as an example of such a technique. Agent-based models are complementary to existing approaches and are suited to answering macroeconomic questions where complexity, heterogeneity, networks, and heuristics play an important role. JEL: E17, E60, C60, A12. Resumo A modelagem macroeconômica está sob intensa análise desde a grande crise financeira, que expôs as graves falhas da metodologia utilizada para entender a economia como um todo. As premissas utilizadas nos modelos dominantes são criticadas, em particular, que os agentes econômicos são homogêneos e otimizadores, e que a economia é equilibrada. Este artigo explora uma abordagem interdisciplinar da modelagem macroeconômica com técnicas emprestadas de outras ciências e examina a modelagem baseada em agentes como um exemplo dessas técnicas. Os modelos baseados em agentes complementam as abordagens existentes e são adequados para responder a questões macroeconômicas em que complexidade, heterogeneidade, redes e heurísticas desempenham um papel importante. JEL: E17, E60, C60, A12.
- Published
- 2019
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