Agent-based (AB) models are considered a promising tool for macroeconomic analysis. However, until estimation of AB models become a common practice, they will not get to the center stage of macroeconomics. Two diculties arise in the estimation of AB models: (i) the criterion function has no...

Two difficulties arise in the estimation of AB models: (i) the criterion function has no simple analytical expression, (ii) the aggregate properties of the model cannot be analytically understood. In this paper we show how to circumvent these difficulties and under which conditions ergodic...

Two diculties arise in the estimation of AB models: (i) the criterion function has no simple analytical expression, (ii) the aggregate properties of the model cannot be analytically understood. In this paper we show how to circumvent these diculties and under which conditions ergodic models can...