Agent-based models remain rare among economics departments
Economics Benchmarks 2020 highlights the varied applications of different model types at central banks
Only a handful of central bank economics departments are working with agent-based modelling, indicating the approach to tackling complexity is still in relatively early stages of development.
Other model types are far more common. Only one central bank respondent to Economics Benchmarks 2020 said it did not use semi-structural models. All 30 central bank respondents said they used time-series modelling for at least one application. Dynamic factor models are also widespread: only two central
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