International Conference on Eurasian Economies
18-20 June 2018 – Tashkent, UZBEKISTAN
Paper detail
Paper ID : 2137
Status : Paper published
Language : Turkish
Topic : Macroeconomics
Presenter:
Session : 1C Makroekonomi
Macroeconomic Models: Assessment of the 2008 Financial Crisis in the Framework of Dynamic Stockastic General Equilibrium and Agent Based Modeling
Makro Ekonomik Modeller: Dinamik Stokastik Genel Denge ve Ajan Temelli Modelleme Çerçevesinde 2008 Finansal Krizinin Değerlendirilmesi
- Assoc. Prof. Dr. Hakan Acet (Selçuk University, Türkiye)
- Prof. Dr. Zeynep Karaçor (Selçuk University, Türkiye)
- Özlem Alkan (Selçuk University, Türkiye)
Abstract
As a result of economic crisis occurred in the mid-1970s, the macroeconomic models that were exist at that time had been criticized about their validity, and then the dynamic Stochastic general equilibrium analysis had been developed accordingly. Dynamic Stochastic general equilibrium models, which combine microeconomic foundations by assuming that households or firms are behaving optimally with rational expectations against scarce resources, have been also criticized for their adequacy with the onset of the 2008 crisis. After this crisis, agent-based modeling attracted attention and started to be adopted more in the literature. In this study, 2008 crisis will be evaluated by comparing both models.
JEL codes: 000
Acet, Hakan, Karaçor, Zeynep, Alkan, Özlem (2018). "Macroeconomic Models: Assessment of the 2008 Financial Crisis in the Framework of Dynamic Stockastic General Equilibrium and Agent Based Modeling" in Proceedings of International Conference of Eurasian Economies 2018, pp.242-248, Tashkent, UZBEKISTAN.
DOI: https://doi.org/10.36880/C10.02137
