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What is Agent-Based Model for Economic Forecasting about?

This paper introduces a novel agent-based model (ABM) that competes with traditional VAR and DSGE models in forecasting macroeconomic variables, utilizing extensive micro and macro data. The model is designed for a small open economy and allows for detailed sector-level forecasts, demonstrated through its application to assess the economic impacts of COVID-19 lockdown measures in Austria. The findings suggest that ABMs represent a promising advancement in economic modeling, potentially enhancing the toolkit

Author

Hai Tran

Language

EN