An agent-based modeling approach for real-world economic systems: Example and calibration with a Social Accounting Matrix of Spain

The global economy is one of today's major challenges, with increasing relevance in recent decades. A frequent observation by policy makers is the lack of tools that help at least to understand, if not predict, economic crises. Currently, macroeconomic modeling is dominated by Dynamic Stochastic General Equilibrium (DSGE) models. The limitations of DSGE in coping with the complexity of today's global economy are often recognized and are the subject of intense research to find possible solutions....