Multi-agent modeling and simulation of a sequential monetary production economy

Marco Raberto, Andrea Teglio and Silvano Cincotti ()

Computational Economics from University Library of Munich, Germany

Abstract: This paper presents a heterogeneous agent model of a sequential monetary production economy. A deterministic dynamic flow model is employed. The model is characterized by three classes of agents: a single homogeneous representative consumer, heterogeneous firms and a banking sector. There are three asset classes (or debts): a single homogeneous physical good, money and debt securities. The homogeneous commodity is produced by firms and, if saved, increases their capital stock. Firms issue debts to finance growth. Firms are homogeneous as regarding production technology but are heterogeneous relative to expected in°ation. Consumers provide labor force and make the decision of consumption and saving of their income. They own all the equities of firms and banks. The banking sector collects consumer savings and provides credit supply to firms. The main result of the model is that real economic variables are strongly affected by the level of credit supply in relation to the level of savings.

Keywords: Heterogeneous agents; financial markets and the macroeconomy; computer simulation (search for similar items in EconPapers)
JEL-codes: D92 E17 E44 (search for similar items in EconPapers)
Date: 2005-03-12
New Economics Papers: this item is included in nep-cmp and nep-mac
Note: Type of Document - pdf
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://econwpa.ub.uni-muenchen.de/econ-wp/comp/papers/0503/0503002.pdf (application/pdf)

Related works:
Working Paper: Multi-agent modeling and simulation of a sequential monetary production economy (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpco:0503002

Access Statistics for this paper

More papers in Computational Economics from University Library of Munich, Germany
Bibliographic data for series maintained by EconWPA ( this e-mail address is bad, please contact ).