This paper develops a novel tractable overlapping generations (OLG) structure whose aggregate equations resemble model of an infinitely lived representative agent, except that there are no transversality conditions in the OLG economy. The main assumptions complete markets and time-invariant (but age-dependent) consumption shares age-groups. tractability here distinguishes it from conventional m...

Incorporating financial intermediaries, with their ability to generate shocks and frictions, into macroeconomic models has recently gained substantial attention of the profession. In this commentary I ask whether the models we generated are ripe to provide valuable, quantitative advice to policymakers, especially those interested in implementing and conducting macroprudential policy. I concentr...

In this note I pay tribute to two early works by Barbara Bergmann and Gunnar Eliasson which, though firmly grounded in the dynamic microsimulation literature, can be considered as the first examples of large-scale agent-based models. These attempts at building complete micro-to-macro computational models of the economy are important not only in a history of economic thought perspective, but als...