Income Distribution, Credit and Fiscal Policies in an Agent-Based Keynesian Model
Giovanni Dosi,Giorgio Fagiolo,Mauro Napoletano,Mauro Napoletano,Andrea Roventini,Andrea Roventini +5 more
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In this paper, the interactions between income distribution and monetary and fiscal policies in terms of ensuing dynamics of macro variables (GDP growth, unemployment, etc.) on the grounds of an agent-based Keynesian model are studied.About:Â
This article is published in Journal of Economic Dynamics and Control.The article was published on 2013-08-01 and is currently open access. It has received 218 citations till now. The article focuses on the topics: Recession & Income distribution.read more
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Journal ArticleDOI
Fiscal and monetary policies in complex evolving economies
Giovanni Dosi,Giorgio Fagiolo,Mauro Napoletano,Mauro Napoletano,Andrea Roventini,Andrea Roventini,Tania Treibich +6 more
TL;DR: This article used an agent-based model that is able to reproduce a wide array of macro- and micro-empirical regularities to find the most appropriate combination of fiscal and monetary policies in economies subject to banking crises and deep recessions.
Book ChapterDOI
Validation of agent-based models in economics and finance
TL;DR: A review of the existing validation techniques for agent-based models in economics can be found in this paper, where the authors sketch a simple theoretical framework that conceptualizes existing validation approaches, which examine along three different dimensions: (i) comparison between artificial and real-world data; (ii) calibration and estimation of model parameters; and (iii) parameter space exploration.
Journal ArticleDOI
Agent based-stock flow consistent macroeconomics: Towards a benchmark model
Alessandro Caiani,Antoine Godin,Eugenio Caverzasi,Mauro Gallegati,Stephen Kinsella,Joseph E. Stiglitz +5 more
TL;DR: In this article, the authors argue that DSGE models still fail to recognize the complex adaptive nature of economic systems, and the implications of money endogeneity, and propose a macroeconomic framework based on the combination of the Agent Based and Stock Flow Consistent approaches.
Journal ArticleDOI
Emergent dynamics of a macroeconomic agent based model with capital and credit
TL;DR: In this paper, the authors present a Macroeconomic Agent-Based Model with Capital and Credit (CC-MABM) which builds upon the framework put forward by Delli Gatti et al. (2011) and shows that the interaction of upstream and downstream firms and the evolution of their financial conditions are essential ingredients of a "crisis" ie a sizable slump followed by a long recovery.
Journal ArticleDOI
Agent based model calibration using machine learning surrogates
TL;DR: In this article, a surrogate meta-model is proposed for parameter space exploration and calibration of agent-based models (ABM) combining supervised machine learning and intelligent sampling to reduce computation time.
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Joseph E. Stiglitz,Andrew Weiss +1 more
TL;DR: In this paper, a model is developed to provide the first theoretical justification for true credit rationing in a loan market, where the amount of the loan and amount of collateral demanded affect the behavior and distribution of borrowers, and interest rates serve as screening devices for evaluating risk.