Authors
Alberto Russo, Michele Catalano, Edoardo Gaffeo, Mauro Gallegati, Mauro Napoletano
Publication date
2007/11/1
Journal
Journal of Economic Behavior & Organization
Volume
64
Issue
3-4
Pages
426-447
Publisher
North-Holland
Description
We present an agent-based computational model in which bounded rational firms and workers trade on fully decentralized markets for final goods and labor by means of random matching protocols. The model replicates several macroeconomic phenomena regularly observed in the data, with aggregate features emerging from the localized interactions of individual entities. The model is then used as a computational laboratory to run an experiment on the role of fiscal policy in increasing macroeconomic performance.
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Scholar articles
A Russo, M Catalano, E Gaffeo, M Gallegati… - Journal of Economic Behavior & Organization, 2007