The birth and death of firms is one of the main features of the
business cycle. Yet mainstream DGSE macroeconomic models mostly
ignore this phenomenon, thereby excluding any potential impact of
economic policy on the probability of the birth and death of firms.
Those DGSE models that do allow for this phenomenon do so at the
cost of drastic simplifications, which effectively rule out causal
links between the strategic interaction of industrial firms and the
macroeconomy. This innovative new book develops a bottom-up,
agent-based framework that shows how strategic interactions at the
level of oligopolistic firms, and even at the level of individuals,
affect entire industrial sectors and the equilibrium of the
macroeconomy. It will appeal to academic researchers and graduate
students working in computational economics, agent-based modelling
and econophysics, as well as mainstream economists interested in
learning more about alternatives to DGSE models in macroeconomics.
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