Download e-book for iPad: Artificial Markets Modeling by Consiglio A. (ed.)

By Consiglio A. (ed.)

ISBN-10: 3540731342

ISBN-13: 9783540731344

Agent-based computational modeling with its intrinsic multidisciplinary technique is gaining expanding popularity within the social sciences, relatively in economics, enterprise and finance. The technique is now generic to compute analytical types numerically and try out them for departures from theoretical assumptions, and to supply stand-alone simulation types for difficulties which are analytically intractable.This quantity is dedicated to contemporary contributions to the sphere from either the social sciences and computing device sciences. It offers functions of agent-based computational methodologies and instruments within the social sciences, focusing strongly at the makes use of, necessities and constraints of agent-based types hired via social scientists. themes comprise agent-based macroeconomics, the emergence of norms and conventions, the dynamics of social and fiscal networks, and behavioral types in monetary markets.

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Furthermore, the maximum potential output is not fixed in the model but it is an endogenous variable, because the productive capacity of the firm is bounded by the households’ labor supply, and this in turn depends on the current real wage. , each household is characterized by a reservation real wage that indicates the wage that makes households indifferent between taking a job or remaining unemployed. These features gives rise to a very rich economic behavior which poses challenging issues to the monetary policy maker.

Journal of money credit and banking, 35(6):1045–1072, December 2003. V. Hogan. Wage aspirations and unemployment persistence. Journal of Monetary Economics, 51(8):1623–1643, November 2004. G. Mankiw and D. Romer, editors. New Keynesian Economics. MIT Press, 1991. T. McCallum and E. Nelson. Timeless perspective vs. discretionary monetary policy in forward looking models. Technical report, The Federal Reserve Bank of St. Louis, 2004. M. Raberto, A. Teglio, and S. Cincotti. A general equilibrium model of a production economy with asset markets.

The MIT Press, 2003. M. Woodford. Interest & Prices. Princeton University Press, 2003. 1 Introduction Artificial stock markets are models designed to capture essential properties of real stock markets in order to reproduce, analyze or understand market dynamics with computational experiments. Despite research advances in modern finance many questions remain unsolved: market dynamics exhibit, for instance, particular statistical properties, called stylized facts, which origins are not clear. As real markets are complex systems, it is really hard to study them directly because too many parameters stay out of control.

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Artificial Markets Modeling by Consiglio A. (ed.)


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