The Eurace@Unibi Model: An Agent-Based Macroeconomic Model for Economic Policy Analysis

62 Pages Posted: 14 Mar 2014 Last revised: 17 Mar 2014

Herbert Dawid

Bielefeld University - Department of Business Administration and Economics; Center for Mathematical Economics

Simon Gemkow

Bielefeld University

Philipp Harting

Bielefeld University - Faculty of Business Administration and Economics

Sander van der Hoog

Bielefeld University

Michael Neugart

Technische Universität Darmstadt

Date Written: October 1, 2012

Abstract

This document provides a description of the modeling assumptions and economic features of the Eurace@Unibi model. Furthermore, the document shows typical patterns of the output generated by this model and compares it to empirically observable stylized facts. The Eurace@Unibi model provides a representation of a closed macroeconomic model with spatial structure. The main objective is to provide a micro-founded macroeconomic model that can be used as a unified framework for policy analysis in different economic policy areas and for the examination of generic macroeconomic research questions. In spite of this general agenda the model has been constructed with certain specific research questions in mind and therefore certain parts of the model, e.g. the mechanisms driving technological change, have been worked out in more detail than others. The purpose of this document is to give an overview over the model itself and its features rather than discussing how insights into particular economic issues can be obtained using the Eurace@Unibi model. The model has been designed as a framework for economic analysis in various domains of economics. A number of economic issues have been examined using (prior versions of) the model (see Dawid et al. (2008), Dawid et al. (2009), Dawid et al. (2011a), Dawid and Harting (2011), van der Hoog and Deissenberg (2011), Cincotti et al. (2010)) and recent extensions of the model have substantially extended its applicability in various economic policy domains, however results of such policy analyses will be reported elsewhere. Whereas the overall modeling approach, the different modeling choices and the economic rationale behind these choices is discussed in some detail in this document, no detailed description of the implementation is given. Such a detailed documentation is provided in the accompanying document Dawid et al. (2011b).

Keywords: agent-based macroeconomics, policy analysis

Suggested Citation

Dawid, Herbert and Gemkow, Simon and Harting, Philipp and van der Hoog, Sander and Neugart, Michael, The Eurace@Unibi Model: An Agent-Based Macroeconomic Model for Economic Policy Analysis (October 1, 2012). Bielefeld Working Papers in Economics and Management No. 05-2012. Available at SSRN: https://ssrn.com/abstract=2408969 or http://dx.doi.org/10.2139/ssrn.2408969

Herbert Dawid (Contact Author)

Bielefeld University - Department of Business Administration and Economics ( email )

P.O. Box 100131
D-33501 Bielefeld, NRW 33501
Germany
+49-521-1064843 (Phone)
+49-521-1062994 (Fax)

Center for Mathematical Economics ( email )

Postfach 10 01 31
Bielefeld, D-33501
Germany

Simon Gemkow

Bielefeld University ( email )

Universitätsstraße 25
Bielefeld, NRW 33613
Germany

Philipp Harting

Bielefeld University - Faculty of Business Administration and Economics ( email )

Universitätsstraße 25
Bielefeld, 33615
Germany

Sander Van der Hoog

Bielefeld University ( email )

Universitätsstraße 25
Bielefeld, 33615
Germany

Michael Neugart

Technische Universität Darmstadt ( email )

Bleichstraße 2
Darmstadt, 64283
Germany

HOME PAGE: http://www.vwl3.wi.tu-darmstadt.de/fachgebiete_10/startseite_6/index.en.jsp

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