Energy Shocks and Macroeconomic Stabilization Policies in an Agent-Based Macro Model

Sander Hoog () and Christophe Deissenberg
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Sander Hoog: Bielefeld University

A chapter in Computational Methods in Economic Dynamics, 2011, pp 159-181 from Springer

Abstract: Abstract In this chapter we consider the effects of exogenous energy shocks on an agent-based macroeconomic system and study the out-of-equilibrium dynamics. We introduce automatic stabilizers that allow the artificial economy to absorbe the shocks. Two types of macroeconomic stabilization policies are implemented: a consumer subsidy scheme that compensates households for their loss in purchasing power, and a tax reduction scheme that affects both households and firms to support consumption and investments. Policy experiments are then carried out to evaluate the effectiveness of these macroeconomic policies. Finally, we are able to distinguish between short- and long-term effects of the policy measures.

Keywords: Energy Crisis; Stabilization Policy; Benchmark Scenario; Stabilization Scenario; Energy Shock (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:dymchp:978-3-642-16943-4_8

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DOI: 10.1007/978-3-642-16943-4_8

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