TY  - CHAP
AB  - 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.
DO  - 10.1007/978-3-642-16943-4_8
KW  - energy shocks
KW  - agent-based modelling
KW  - stabilization policies
KW  - Agent-based macroeconomics
KW  - ETACE_Agent_Based_Modelling
LA  - eng
PY  - 2011
SN  - 978-3-642-16942-7
SP  - 159-181
T3  - Computational Methods in Economic Dynamics
TI  - Energy Shocks and Macroeconomic Stabilization Policies in an Agent-based Macro Model
UR  - https://nbn-resolving.org/urn:nbn:de:0070-pub-19194653
Y2  - 2024-11-22T02:59:04
ER  -