Agent-based macroeconomics: A baseline model

Lengnick, Matthias

doi:10.1016/j.jebo.2012.12.021

Cited by 145 publications

(120 citation statements)

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“…Many authors point to the added capabilities from ABM over equation based models [298,336] and more specifically equilibrium models [20,55,217,337]. Simply put: complex systems can be implemented in ABMs but not in equilibrium models.…”

Section: Create Hybrid Models When Neededmentioning

confidence: 99%

Creating Agent-Based Energy Transition Management Models That Can Uncover Profitable Pathways to Climate Change Mitigation

Hoekstra

Steinbuch

Verbong³

2017

Complexity

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The energy domain is still dominated by equilibrium models that underestimate both the dangers and opportunities related to climate change. In reality, climate and energy systems contain tipping points, feedback loops, and exponential developments. This paper describes how to create realistic energy transition management models: quantitative models that can discover profitable pathways from fossil fuels to renewable energy. We review the literature regarding agent-based economics, disruptive innovation, and transition management and determine the following requirements. Actors must be detailed, heterogeneous, interacting, learning, and strategizing. Technology should be represented as a detailed and heterogeneous portfolio that can develop in a bottom-up manner, using endogenous feedback loops. Assumptions about discount rates and the social cost of carbon should be configurable. The model should contain interactions between the global, national, local, and individual level. A review of modelling techniques shows that equilibrium models are unsuitable and that system dynamics and discrete event simulation are too limited. The agent-based approach is found to be uniquely suited for the complex adaptive sociotechnical systems that must be modelled. But the choice for agent-based models does not mean a rejection of other approaches because they can be accommodated within the agent-based framework. We conclude with practical guidelines.

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Section: Create Hybrid Models When Neededmentioning

confidence: 99%

Creating Agent-Based Energy Transition Management Models That Can Uncover Profitable Pathways to Climate Change Mitigation

Hoekstra

Steinbuch

Verbong³

2017

Complexity

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“…2 A new literature designs agent-based macroeconomic models as object oriented simulations without the need for any equation system. Consult Lengnick (2013) for a simple example and Dosi et al (2010) for a very elaborate, policy oriented one. 3 De Grauwe (2010a), De Grauwe (2010c), De Grauwe (2010b).…”

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confidence: 99%

Optimal monetary policy in a new Keynesian model with animal spirits and financial markets

Lengnick

Wohltmann

2016

Journal of Economic Dynamics and Control

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may University of KielHans-Werner Wohltmann * * University of Kiel AbstractThis paper relates to the literature on macro-finance-interaction models. We modify the boundedly rational New Keynesian model of De Grauwe (2010a) using a completely microfounded IS equation, and combine it with the agent-based financial market model of Westerhoff (2008). For this purpose we derive four interactive channels between the financial and real sector where two channels are strictly microfounded. We analyze the impact of the different channels on economic stability and derive optimal (simple) monetary policy rules. We find that coefficients of optimal simple Taylor rules do not significantly change if financial market stabilization becomes part of the central bank's objective function. Additionally, we show that rule-based, backward-looking monetary policy creates huge instabilities if expectations are boundedly rational.JEL classification: E03, E5, G02

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“…El modelo es un sistema complejo, del cual no es posible hallar una solución analítica a K. Por esta razón, y siguiendo los modelos MMA ya existentes, se realizan simulaciones numéricas (Lengnick, 2013): se calcula K para varias configuraciones de los parámetros y condiciones iniciales del modelo, y se analiza cómo K cambia de una configuración a otra. Como el modelo describe una economía artificial con J empresas y un solo banco, estas configuraciones no tienen equivalentes empíricos.…”

Section: Protocolo De Extracción De Resultadosunclassified

Fragilidad financiera empresarial y expectativas de ingresos: evidencias de un modelo multiagentes

Stellian

2018

Cuad. Econ.

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Bajo las condiciones siguientes:• Atribución -Debe reconocer los créditos de la obra de la manera especificada por el autor o el licenciante. Si utiliza parte o la totalidad de esta investigación tiene que especificar la fuente.• No Comercial -No puede utilizar esta obra para fines comerciales.• Sin Obras Derivadas -No se puede alterar, transformar o generar una obra derivada a partir de esta obra.Los derechos derivados de usos legítimos u otras limitaciones reconocidas por la ley no se ven afectados por lo anterior.El contenido de los artículos y reseñas publicadas es responsabilidad de los autores y no refleja el punto de vista u opinión de la Escuela de Economía de la Facultad de Ciencias Económicas o de la Universidad Nacional de Colombia. Este artículo vincula la fragilidad financiera de las empresas no financieras a la forma en que estas estiman los ingresos generados por sus ventas, en el marco de un modelo macroeconómico multiagentes. Siguiendo el enfoque monetario à la Schumpeter, el modelo se construye alrededor de la red de pagos y deudas entre 226Cuadernos de Economía, 37(73), enero-junio de 2018 agentes, así como de los subsecuentes saldos. En la economía artificial del modelo, las empresas experimentan fragilidad financiera en relación con los créditos otorgados por un banco, y utilizan diversos mecanismos adaptativos de estimación de sus ventas. El modelo es un sistema complejo, y se extraen resultados mediante simulaciones numéricas.Palabras clave: enfoque monetario, expectativas de ingresos, fragilidad financiera, modelización macroeconómica multiagentes, sistemas complejos. JEL: B41, C63, E42, G31. This paper aims to link the financial fragility of non-financial firms to the way they expect proceeds from their sales: this is then represented in an agent-based macroeconomic model. Using Schumpeter's monetary analysis, the model is based upon the payment and debt network between agents as well as the resulting net cash balances. As part of the model's artificial economy, firms suffer financial fragility in relation with the credits granted by a single bank. They then use different adaptive mechanisms from their expected proceeds. The model is a complex system, and we extract results through numerical simulations. Cet article lie la fragilité financière des entreprises non financières à la manière dont elles estiment les revenus issus de leurs ventes dans le cadre d'un modèle macroéconomique multiagents. Selon l'approche monétaire à la Schumpeter, le modèle s'articule autour du réseau de paiements et de dettes entre agents, ainsi que des soldes subséquents. Dans l'économie artificielle du modèle, les entreprises sont en situation de fragilité financière en rapport avec les crédits octroypes par une banque et utilisent plusieurs mécanismes adaptatifs d'estimation de leurs ventes. Le modèle est un système complexe dont des résultats sont extraits à partir de simulations numériques. Stellian

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Agent-based macroeconomics: A baseline model

Cited by 145 publications

References 58 publications

Creating Agent-Based Energy Transition Management Models That Can Uncover Profitable Pathways to Climate Change Mitigation

Creating Agent-Based Energy Transition Management Models That Can Uncover Profitable Pathways to Climate Change Mitigation

Optimal monetary policy in a new Keynesian model with animal spirits and financial markets

Fragilidad financiera empresarial y expectativas de ingresos: evidencias de un modelo multiagentes

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