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Ephronjorss
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Tractability is an important point. Understanding and designing (marginally) original DSGE models has become a point of pride for economists and a sine qua non for an academic career, in mainstream macro at least. But as DSGE models become more complex, incorporating more realistic microfoundations for example, they suffer from a lack of abstraction and modulation. By construction, a researcher must understand the entire model, placing serious limits on the gains from specialisation and collaboration. I'm not sure the incentives in academia to demonstrate individual brilliance help the situation, but (as an outsider) I wonder whether agent based modelling as a field comes closer to overcoming these limitations.
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Apr 12, 2017