Output dynamics and (s, S) strategies in an agent based macroeconomic model

Oscar Alonso, Hiroshi Deguchi, Yusuke Koyama

研究成果: Conference contribution

抄録

A well known result from (Caplin and Spulber 1987) shows that even in the presence of price rigidity, aggregated product of an economy may be unaffected by changes in the money supply. Here we relax the assumptions of continuity of such result by using agent based simulation, and analyzing the dynamics of output under such conditions. We show that in the agent-based version of the model money is no longer neutral and cyclic dynamics emerge. Such dynamics is influenced mainly by expectations of income, expectations of inflation, and implementations of (s, S) strategies. Oscillations in output grow stronger as the economy departs from initial equilibrium conditions.

元の言語English
ホスト出版物のタイトルESM 2010 - 2010 European Simulation and Modelling Conference
出版者EUROSIS
ページ227-231
ページ数5
出版物ステータスPublished - 2010
外部発表Yes
イベント24th Annual European Simulation and Modelling Conference, ESM 2010 - Hasselt, Belgium
継続期間: 2010 10 252010 10 27

Other

Other24th Annual European Simulation and Modelling Conference, ESM 2010
Belgium
Hasselt
期間10/10/2510/10/27

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Rigidity

ASJC Scopus subject areas

  • Modelling and Simulation

これを引用

Alonso, O., Deguchi, H., & Koyama, Y. (2010). Output dynamics and (s, S) strategies in an agent based macroeconomic model. : ESM 2010 - 2010 European Simulation and Modelling Conference (pp. 227-231). EUROSIS.

Output dynamics and (s, S) strategies in an agent based macroeconomic model. / Alonso, Oscar; Deguchi, Hiroshi; Koyama, Yusuke.

ESM 2010 - 2010 European Simulation and Modelling Conference. EUROSIS, 2010. p. 227-231.

研究成果: Conference contribution

Alonso, O, Deguchi, H & Koyama, Y 2010, Output dynamics and (s, S) strategies in an agent based macroeconomic model. : ESM 2010 - 2010 European Simulation and Modelling Conference. EUROSIS, pp. 227-231, 24th Annual European Simulation and Modelling Conference, ESM 2010, Hasselt, Belgium, 10/10/25.
Alonso O, Deguchi H, Koyama Y. Output dynamics and (s, S) strategies in an agent based macroeconomic model. : ESM 2010 - 2010 European Simulation and Modelling Conference. EUROSIS. 2010. p. 227-231
Alonso, Oscar ; Deguchi, Hiroshi ; Koyama, Yusuke. / Output dynamics and (s, S) strategies in an agent based macroeconomic model. ESM 2010 - 2010 European Simulation and Modelling Conference. EUROSIS, 2010. pp. 227-231
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