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Pour une macroéconomie monétaire dynamique et complexe

Pascal Seppecher ()

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Abstract: The study of the mechanisms of flow and reflux of money in the economic system is one of the main tasks the monetary theory of production wants to achieve. For this reason, this theory constitutes a crucial support for an approach of macroeconomics based upon the interactions between the agents. However this theory leans on an abstract representation of time and of the sequence of the individual interactions. It leads to models that do not provide a satisfactory explanation for categories as essential as profit and interest. Agent-based modelling free us from the limits of the standard analytic models. We describe the construction of a trully dynamic model of a monetary economy, populated with numerous autonomous heterogenous agents, in direct and decentralized interaction, while complying with stock-flow consistency. Thanks to simulations, we observe the emergence of complex macroeconomic dynamics that show that this model, by providing a concrete content to the essential principles of the monetary theory of production, allows to overcome its contradictions.

Keywords: Stock-flow consistent modelling; Endogenous money; Agent-based computational economics; Modelos stock-flujos coherentes; Modelos en base a agentes múltiples; Moneda endógena; Modèles stock-flux cohérents; Monnaie endogène; Modèles à base d’agents multiples (search for similar items in EconPapers)
Date: 2014-12
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01097473
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Published in Revue de la régulation. Capitalisme, institutions, pouvoirs, Association Recherche et régulation, 2014, 16 | 2e semestre / Autumn 2014, pp.2-35 (revue en ligne). ⟨10.4000/regulation.10977⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01097473

DOI: 10.4000/regulation.10977

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