This paper develops a baseline agent-based macroeconomic model and contrasts it with the common dynamic stochastic general equilibrium approach. Although simple, the model can reproduce a lot of the stylized facts of business cycles. The author argues that agent-based modeling is an adequate...

Purpose – The purpose of this paper is to provide a review of the innovation literature, with special focus on studies applying a complexity perspective. As a contribution in its own right to the innovation literature, the review clarifies the concept of complexity, explores possible points of...