Download Artificial Economics: The Generative Method in Economics by Gianfranco Giulioni (auth.), Cesáreo Hernández, Marta PDF

By Gianfranco Giulioni (auth.), Cesáreo Hernández, Marta Posada, Adolfo López-Paredes (eds.)

Simulation is utilized in economics to unravel huge econometric versions, for large-scale micro simulations, and to procure numerical strategies for coverage layout in top-down tested types. yet those purposes fail to exploit the equipment provided via synthetic economics (AE) via synthetic intelligence and disbursed computing. AE is a bottom-up and generative method of agent-based modelling constructed to get a deeper perception into the complexity of economics. AE could be seen as a really based and normal classification of modelling ideas that generalize numerical economics, mathematical programming and micro simulation methods. The papers offered during this ebook handle methodological questions and purposes of AE to macroeconomics, business association, info and studying, marketplace dynamics, finance and fiscal markets.

Show description

Read or Download Artificial Economics: The Generative Method in Economics PDF

Best mathematics books

Extra resources for Artificial Economics: The Generative Method in Economics

Example text

Journal of Political Economy 105, 211–248. Kiyotaki, N. and G. Moore (2002). Balance-Sheet Contagion. American Economic Review Paper and Proceedings 92, 46–50. Laeven, L. and F. Valencia (2008). Systemic banking crises: A new database. IMF working paper, WP/08/224. Powell, B. (2002). Explaining Japan’s Recession. The Quarterly Journal of Austrian Economics 5, 35–50. Stiglitz, J. E. and B. Greenwald (2003). Towards a New Paradigm in Monetary Economics. Cambridge University Press. Stiglitz, J. E.

118). g. Akerlof and Shiller, 2009) have revived the long-standing argument that this kind of behavioural microfoundations cannot be eradicated from the search of consistent interpretations of the sources of economic fluctuations. On the other hand, refusal of any formal and quantitative language has turned out to be a blind alley, more harmful than beneficial to the Keynesian cause. Our contribution moves in this direction. Our aim is to seriously take Keynes’s behavioural foundations into consideration, taking stock of more recent advances in the field and in available modelling techniques.

This could bring the banking system liquidity problems. More serious consequences could be involved if a high risk causes an increase of the average delay in refunding both the interest and the principal, but this case in not discussed here. Our results go in the direction of Stiglitz and Greenwald (2003)’s claim that an expansive monetary policy can fail to improve macroeconomic conditions in recessions or depressions. Truly, something more can be ventured. In the worst case, prolonged periods of low discount rates could create the conditions in which systemic events develop more easily even in healthy economies.

Download PDF sample

Rated 4.51 of 5 – based on 14 votes