Table of Contents:
In what follows, we survey a number of papers studying ABMs that address macroeconomic policy issues, i.e. ABMs that describe a set of industries or markets from a macro perspective. The list is not meant to be exhaustive. Please suggest any additional paper related to macroeconomic policy using ABMs.
The taxonomy is organized across two dimensions. Rows classify papers according to whether they principally address issues related to micro, meso or macro economic policies. Meso papers mosty relate to setups or policy issues concerning industries and in general partial-disequilibrium analyses. Columns report a brief list of specific policy-related issues addressed in these papers and classify the papers accordng to the degree at which empirical validation (of some kind) is pursued in the analysis.
We distinguish between: (i) no validation, if no (or very mild) attempts
at taking the model to the date is pursued; (ii) input validation, if
there is an attempt of building the model on assumptions about
individual behaviors and interactions that are sustained by some
empirical or experimental fact (but no clear attempt is made to
validate the outputs of the model); (iii) output validation, if the
outputs of the models are taken to the data to assess their validity,
but no input validation is performed; (iv) Input/Output Validation, if
both are performed.
||Policy Questions||No Validation||Input Validation||Output Validation||Input/Output Validation|
|Micro|| Is a society formed by selfish
individuals capable of constructing an efficient network? (Carayol,Roux,Yildizoglu)
Is there a unique optimal tax rate for lottery markets? (Chen,Chie)
What is the effect of different market structures and rules on auctions? (Duffy,Unver)
Do policies and structure of agricultural sector interact? Is structure capable of influencing the outcome of policies? Are policies able to change the structure of such sector over time? (Happe,Balmann,Kellermann,Sahrbacher)
Is the regulation of US power market efficient? How can oppostunistic behaviour of suppliers be prevented? (Sun,Tesfatsion)
What is the effect of public policies on vertically related industries characterized by rapid technological innovation? (Malerba,2008)
How effective are public policies in industries characterized by dynamic increasing returns? How do they affect industry structure over the course of industry evolution? (Malerba,2001)
Why does market power emerge in vertically integrated energy markets? (Ruperez-Micola,Banal-Estanol,Bunn)
N., P. Roux and M. Yildizoglu (2008) - "Inefficiencies in a Model of
Spatial Networks Formation with Positive Externalities"
Wilhite, A. and W. Allen (2008) - "Crime, Protection, and
Mannaro, K., M. Marchesi and A. Setzu (2008), "Using an Artificial Financial Market for Assessing the Impact of Tobin-like Transaction Taxes"
|Happe, K., A. Balmann, K. Kellermann and C.
Sahrbacher (2008) - "Does Structure Matter? The Impact of Switching the
Agricultural Policy Regime on Farm Structures"
Sun, J. and L. Tesfatsion (2007) - "Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework"
Ruperez-Micola, A., A. Banal-Estanol and D. Bunn (2008), "Incentives and Coordination in Vertically Related Energy Markets"Malerba, F., R. Nelson, L. Orsenigo and S. Winter (2008), "Public Policies and Changing Boundaries of Firms in a History-Friendly Model of the Co-evolution of the Computer and Semiconductor Industries"
Malerba F., R. Nelson, L. Orsenigo and S. Winter (2001), "Competition and industrial policies in a ‘history friendly’ model of the evolution of the computer industry"
|John Duffy, M.Utku Unver - "Internet auctions with artificial adaptive agents: A study on market design"||Chen, S.H. and B.T. Chie (2008) - "Lottery Markets Design, Micro Structure and Macro Behavior: An ACE Approach"|
|Macro|| Is fiscal
policy able to increase economic performance and dampen economic
How do product differentiation, organizational structures, inequality and growth interact? (Ciarli,Lorentz,Savona,Valente)
Public expense should be geographically focused or spread equally between regions? (Dawid,Gemkow,Harting,Kabus,Neugart)
Is discretionary monetary policy better than full commitment to a fixed monetary rule? (Delli Gatti,Gaffeo,Gallegati)
When labor markets are local, is a monetary area able to reach economic homogeneity between regions? (Deissenberg,Van Der Hoog,Dawid)
What are the main transmission mechanisms of monetary policy? How does monetary policy affect economic outcome? (Oeffner)
What are the effects of institutional, technological and behavioral factors on the final performance of the labor market? (Fagiolo,Dosi,Gabriele)
T., A. Lorentz, M. Savona and M. Valente (2008), "Structural Change of
Production and Consumption: A Micro to Macro Approach to Economic
Growth and Income Distribution"
Dawid, H., S. Gemkow, P. Harting, K. Kabus and K. Neugart, M.and Wersching (2008), "Skills, Innovation, and Growth: An Agent-Based Policy Analysis"
Deissenberg, C., S. van der Hoog and H. Dawid (2008) - "EURACE: A Massively Parallel Agent-based Model of the European Economy"
D. Delli Gatti, E. Gaffeo, M. Gallegati (2005) - "The apprentice wizard: monetary policy, complexity and learning"
Neugart, M. (2008), "Labor Market Policy Evaluation with ACE", Special Issue on "Agent-Based Models for Economic Policy Design"
Westerhoff, F. (2008) - "The Use of Agent-Based Financial Market Models to Test the Effectiveness of Regulatory Policies"
|Russo, A., M.
Catalano, M. Gallegati, E.
Gaffeo and M. Napoletano (2007), "Industrial Dynamics, Fiscal Policy
and R&D: Evidence from a Computational Experiment"
Oeffner, Marc (2009), "An Evolutionary Model embedded in an Agent-Based Computer Simulation"
Fagiolo, G., G. Dosi and R. Gabriele (2004), "Matching, Bargaining, and Wage Setting in an Evolutionary Model of Labor Market and Output Dynamics"
|Dosi, G., G. Fagiolo
and A. Roventini (2006) - "An Evolutionary Model of Endogenous Business
Dosi, G., G. Fagiolo and A. Roventini (2008) - "The Microfoundations of Business Cycles: an Evolutionary, Multi-Agent Model"
Dosi, G., G. Fagiolo and A. Roventini - "Schumpeter
Meeting Keynes: A Policy-Friendly Model of Endogenous Growth and
Westerhoff, F., Dieci, R., 2006. "The effectiveness of Keynes' Tobin transaction taxes when heterogeneous agents can trade in different markets: a behavioral finance approach"