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

Titelaufnahme

Titel
Energy Shocks and Macroeconomic Stabilization Policies in an Agent-based Macro Model
Verfasser
van der Hoog, Sander ; Deissenberg, Christophe
Herausgeber
Dawid, Herbert ; Semmler, Willi
Enthalten in
Computational Methods in Economic Dynamics, S. 159-181
Erschienen
2011
Sprache
Englisch
Dokumenttyp
Aufsatz in einem Sammelwerk
Schlagwörter
energy shocks / agent-based modelling / stabilization policies / Agent-based macroeconomics / ETACE_Agent_Based_Modelling
ISBN
978-3-642-16942-7
URN
urn:nbn:de:0070-pub-19194653
DOI
10.1007/978-3-642-16943-4_8

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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.

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