Description

Indeed econometrics has come of age and it has produced a solid body of theory and a host of applications in both economics and allied sciences. Consequently, this volume IlI is designed to fill the vacuum that existed in the previously published volume I and. II. Structural Break Bodels, Regime Switching Models, Dynamic Stochastic General Equilibrium Models (DSGE) and Agent Based-Computational Economics (ACE) are the major focus in this book. In order for the concepts of cointegration to retain significant, empirical works will have to incorporate Regime Switching (Structural Breaks) models as appropriate, within Vector Autoregressive Modelling (VAR) framework. Again, recent vintage of DSGE models is emerging as a useful tool for forecasting and quantitative policy analysis as well as gaining credibility in policy making institutions. Thus, the DSGE-VAR integrated modelling framework are explored. However, economies are complicated systems encompassing micro behaviors, interaction patters and global regularities. Whether partial or general in scope, studies of economic systems must consider how to handle difficult real-world aspects such as asymmetric information, imperfect competition, strategic interaction, collective learning and possibility of multiple equilibria. This book therefore (among other objectives) explores the consequences of adopting Agent-Based Computational Economics (ACE) for the modelling of African economies.