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Essays In Agent Based Macro And Monetary Economics
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Book Synopsis Agent-Based Models in Economics by : Domenico Delli Gatti
Download or read book Agent-Based Models in Economics written by Domenico Delli Gatti and published by Cambridge University Press. This book was released on 2018-03-22 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first step-by-step introduction to the methodology of agent-based models in economics, their mathematical and statistical analysis, and real-world applications.
Book Synopsis Analytical Political Economy by : Roberto Veneziani
Download or read book Analytical Political Economy written by Roberto Veneziani and published by John Wiley & Sons. This book was released on 2018-04-09 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering a unique picture of recent developments in a range of non-conventional theoretical approaches in economics, this book introduces readers to the study of Analytical Political Economy and the changes within the subject. Includes a wide range of topics and theoretical approaches that are critically and thoroughly reviewed Contributions within the book are written according to the highest standards of rigor and clarity that characterize academic work Provides comprehensive and well-organized surveys of cutting-edge empirical and theoretical work covering an exceptionally wide range of areas and fields Topics include macroeconomic theories of growth and distribution; agent-based and stock-flow consistent models; financialization and Marxian price and value theory Investigates exploitation theory; trade theory; the role of expectations and ‘animal spirits’ on macroeconomic performance as well as empirical research in Marxian economics
Book Synopsis Analytical Political Economy by : Roberto Veneziani
Download or read book Analytical Political Economy written by Roberto Veneziani and published by John Wiley & Sons. This book was released on 2018-06-11 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering a unique picture of recent developments in a range of non-conventional theoretical approaches in economics, this book introduces readers to the study of Analytical Political Economy and the changes within the subject. Includes a wide range of topics and theoretical approaches that are critically and thoroughly reviewed Contributions within the book are written according to the highest standards of rigor and clarity that characterize academic work Provides comprehensive and well-organized surveys of cutting-edge empirical and theoretical work covering an exceptionally wide range of areas and fields Topics include macroeconomic theories of growth and distribution; agent-based and stock-flow consistent models; financialization and Marxian price and value theory Investigates exploitation theory; trade theory; the role of expectations and ‘animal spirits’ on macroeconomic performance as well as empirical research in Marxian economics
Book Synopsis Handbook of Computational Economics by : Leigh Tesfatsion
Download or read book Handbook of Computational Economics written by Leigh Tesfatsion and published by Elsevier. This book was released on 2006-05-15 with total page 905 pages. Available in PDF, EPUB and Kindle. Book excerpt: The explosive growth in computational power over the past several decades offers new tools and opportunities for economists. This handbook volume surveys recent research on Agent-based Computational Economics (ACE), the computational study of economic processes modeled as dynamic systems of interacting agents. Empirical referents for "agents" in ACE models can range from individuals or social groups with learning capabilities to physical world features with no cognitive function. Topics covered include: learning; empirical validation; network economics; social dynamics; financial markets; innovation and technological change; organizations; market design; automated markets and trading agents; political economy; social-ecological systems; computational laboratory development; and general methodological issues.*Every volume contains contributions from leading researchers*Each Handbook presents an accurate, self-contained survey of a particular topic *The series provides comprehensive and accessible surveys
Book Synopsis Agent-Based Computational Economics by : Shu-Heng Chen
Download or read book Agent-Based Computational Economics written by Shu-Heng Chen and published by Routledge. This book was released on 2017-09-19 with total page 543 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to answer two questions that are fundamental to the study of agent-based economic models: what is agent-based computational economics and why do we need agent-based economic modelling of economy? This book provides a review of the development of agent-based computational economics (ACE) from a perspective on how artificial economic agents are designed under the influences of complex sciences, experimental economics, artificial intelligence, evolutionary biology, psychology, anthropology and neuroscience. This book begins with a historical review of ACE by tracing its origins. From a modelling viewpoint, ACE brings truly decentralized procedures into market analysis, from a single market to the whole economy. This book also reviews how experimental economics and artificial intelligence have shaped the development of ACE. For the former, the book discusses how ACE models can be used to analyse the economic consequences of cognitive capacity, personality and cultural inheritance. For the latter, the book covers the various tools used to construct artificial adaptive agents, including reinforcement learning, fuzzy decision rules, neural networks, and evolutionary computation. This book will be of interest to graduate students researching computational economics, experimental economics, behavioural economics, and research methodology.
Book Synopsis Time and Money by : Roger W Garrison
Download or read book Time and Money written by Roger W Garrison and published by Routledge. This book was released on 2000-10-19 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Time and Money argues persuasively that the troubles which characterise modern capital-intensive economies, particularly the episodes of boom and bust, may best be analysed with the aid of a capital-based macroeconomics. The primary focus of this text is the intertemporal structure of capital, an area that until now has been neglected in favour of labour and money-based macroeconomics.
Book Synopsis Post Walrasian Macroeconomics by : David Colander
Download or read book Post Walrasian Macroeconomics written by David Colander and published by Cambridge University Press. This book was released on 2006-07-17 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium (DSGE) model that serves as a foundation for thinking about macro policy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in complexity theory, automated general to specific econometric modeling, agent-based models, and non-linear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis.
Book Synopsis The Theory of Money and Financial Institutions by : Martin Shubik
Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Book Synopsis Introduction to Agent-Based Economics by : Mauro Gallegati
Download or read book Introduction to Agent-Based Economics written by Mauro Gallegati and published by Academic Press. This book was released on 2017-08-03 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Agent-Based Economics describes the principal elements of agent-based computational economics (ACE). It illustrates ACE's theoretical foundations, which are rooted in the application of the concept of complexity to the social sciences, and it depicts its growth and development from a non-linear out-of-equilibrium approach to a state-of-the-art agent-based macroeconomics. The book helps readers gain a better understanding of the limits and perspectives of the ACE models and their capacity to reproduce economic phenomena and empirical patterns. - Reviews the literature of agent-based computational economics - Analyzes approaches to agents' expectations - Covers one of the few large macroeconomic agent-based models, the Modellaccio - Illustrates both analytical and computational methodologies for producing tractable solutions of macro ACE models - Describes diffusion and amplification mechanisms - Depicts macroeconomic experiments related to ACE implementations
Book Synopsis A Critical Essay on Modern Macroeconomic Theory by : Frank Hahn
Download or read book A Critical Essay on Modern Macroeconomic Theory written by Frank Hahn and published by MIT Press. This book was released on 1997 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from theauthors' profound disagreement with that trend. It demonstrates notonly how the new classical view got macroeconomics wrong, but also howto go about doing macroeconomics the right way.
Book Synopsis The Oxford Handbook of Computational Economics and Finance by : Shu-Heng Chen
Download or read book The Oxford Handbook of Computational Economics and Finance written by Shu-Heng Chen and published by Oxford University Press. This book was released on 2018-01-12 with total page 785 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Computational Economics and Finance provides a survey of both the foundations of and recent advances in the frontiers of analysis and action. It is both historically and interdisciplinarily rich and also tightly connected to the rise of digital society. It begins with the conventional view of computational economics, including recent algorithmic development in computing rational expectations, volatility, and general equilibrium. It then moves from traditional computing in economics and finance to recent developments in natural computing, including applications of nature-inspired intelligence, genetic programming, swarm intelligence, and fuzzy logic. Also examined are recent developments of network and agent-based computing in economics. How these approaches are applied is examined in chapters on such subjects as trading robots and automated markets. The last part deals with the epistemology of simulation in its trinity form with the integration of simulation, computation, and dynamics. Distinctive is the focus on natural computationalism and the examination of the implications of intelligent machines for the future of computational economics and finance. Not merely individual robots, but whole integrated systems are extending their "immigration" to the world of Homo sapiens, or symbiogenesis.
Book Synopsis Essays on Wage Bargaining in Dynamic Macroeconomics by : Oliver Claas
Download or read book Essays on Wage Bargaining in Dynamic Macroeconomics written by Oliver Claas and published by Springer Nature. This book was released on 2019-11-20 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses collective bargaining in an intertemporal monetary macroeconomy of the aggregate supply–aggregate demand (AS–AD) type with overlapping generations of consumers and with a public sector. The results are presented in a unified framework with a commodity market that clears competitively. By analyzing the implications of three variants of collective bargaining – efficient bargaining in a uniform and a segmented labor market and “right-to-manage” wage bargaining – it identifies the quantity of money, price expectations, union power, and union size as the determinants of temporary equilibria. In the three scenarios, it characterizes and compares the temporary equilibria using both analytical and numerical techniques, with an emphasis on allocations, welfare, and efficiency. It also discusses the dynamic evolution under rational expectations and its steady states in nominal and real terms. Lastly, it demonstrates conditions for stability regarding a balanced monetary expansion of the economy.
Book Synopsis Complex Systems Modeling and Simulation in Economics and Finance by : Shu-Heng Chen
Download or read book Complex Systems Modeling and Simulation in Economics and Finance written by Shu-Heng Chen and published by Springer. This book was released on 2018-11-20 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title brings together frontier research on complex economic systems, heterogeneous interacting agents, bounded rationality, and nonlinear dynamics in economics. The book contains the proceedings of the CEF2015 (21st Computing in Economics in Finance), held 20-22 June 2015 in Taipei, Taiwan, and addresses some of the important driving forces for various emergent properties in economies, when viewed as complex systems. The breakthroughs reported in this book are a result of an interdisciplinary approach and simulation remains the unifying theme for these papers as they deal with a wide range of topics in economics. The text is a valuable addition to the efforts in promoting the complex systems view in economic science. The computational experiments reported in the book are both transparent and replicable. Complex System Modeling and Simulation in Economics and Finance is useful for graduate courses of complex systems, with particular focus on economics and finance. At the same time it serves as a good overview for researchers who are interested in the topic.
Book Synopsis ABBA: An Agent-Based Model of the Banking System by : Mr.Jorge A Chan-Lau
Download or read book ABBA: An Agent-Based Model of the Banking System written by Mr.Jorge A Chan-Lau and published by International Monetary Fund. This book was released on 2017-06-09 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: A thorough analysis of risks in the banking system requires incorporating banks’ inherent heterogeneity and adaptive behavior in response to shocks and changes in business conditions and the regulatory environment. ABBA is an agent-based model for analyzing risks in the banking system in which banks’ business decisions drive the endogenous formation of interbank networks. ABBA allows for a rich menu of banks’ decisions, contingent on banks’ balance sheet and capital position, including dividend payment rules, credit expansion, and dynamic balance sheet adjustment via risk-weight optimization. The platform serves to illustrate the effect of changes on regulatory requirements on solvency, liquidity, and interconnectedness risk. It could also constitute a basic building block for further development of large, bottom-up agent-based macro-financial models.
Book Synopsis Economic Ideas You Should Forget by : Bruno S. Frey
Download or read book Economic Ideas You Should Forget written by Bruno S. Frey and published by Springer. This book was released on 2017-03-08 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics.
Book Synopsis Macroeconomics from the Bottom-up by : Domenico Delli Gatti
Download or read book Macroeconomics from the Bottom-up written by Domenico Delli Gatti and published by Springer Science & Business Media. This book was released on 2011-04-18 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of overcoming the SMD result by recurring to a fictitious RA leads to insurmountable methodological problems and lies at the root of DSGE models’ failure to satisfactorily explain real world features, like exchange rate and banking crises, bubbles and herding in financial markets, swings in the sentiment of consumers and entrepreneurs, asymmetries and persistence in aggregate variables, and so on. At odds with this view, our critique rests on the premise that any modern macroeconomy should be modeled instead as a complex system of heterogeneous interacting individuals, acting adaptively and autonomously according to simple and empirically validated rules of thumb. We call our proposed approach Bottom-up Adaptive Macroeconomics (BAM). The reason why we claim that the contents of this book can be inscribed in the realm of macroeconomics is threefold: i) We are looking for a framework that helps us to think coherently about the interrelationships among two or more markets. In what follows, in particular, three markets will be considered: the markets for goods, labor and loanable funds. In this respect, real time matters: what happens in one market depends on what has happened, on what is happening, or on what will happen in other markets. This implies that intertemporal coordination issues cannot be ignored. ii) Eventually, it’s all about prices and quantities. However, we are mostly interested in aggregate prices and quantities, that is indexes built from the dispersed outcomes of the decentralized transactions of a large population of heterogeneous individuals. Each individual acts purposefully, but she knows anything about the levels of prices and quantities which clear markets in the aggregate. iii) In the hope of being allowed to purport scientific claims, BAM relies on the assumption that individual purposeful behaviours aggregates into regularities. Macro behaviour, however, can depart radically from what the individual units are trying to accomplish. It is in this sense that aggregate outcomes emerge from individual actions and interactions.
Book Synopsis An Introduction to Macroeconomics by : Louis-Philippe Rochon
Download or read book An Introduction to Macroeconomics written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2021-03-26 with total page 633 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of this important textbook introduces students to the fundamental ideas of heterodox economics. It is written in a clear way by top heterodox scholars. This introductory book offers not only a critique of the dominant approach to economics, but also presents a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises.
