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23 results

Page 1 of 2

  • 2 - Industrial Structure and the Macroeconomy: The Macroeconomic Model and Its Algebraic Framework

  • from Part One - Theory
  • Marco Mazzoli, Università degli Studi di Genova, Matteo Morini, Università degli Studi di Torino, Italy, Pietro Terna, Università degli Studi di Torino, Italy
  • Book:
    Rethinking Macroeconomics with Endogenous Market Structure
    Published online:
    07 December 2019
    Print publication:
    19 December 2019, pp 26-74

  • Summary

    We describe the structure of the model, built plugging the entry/exit decisions into a macroeconomic system, by using a notion of statistical distribution of expectations that is consistent with the idea of rational expectations (at least in its original formulation) to model the entry decision of potential entrants. The theoretical framework is also useful to analyze, on a theoretical ground, the behavior of the firms’ markups over the cycle and is employed for the agent-based simulations. In particular, we model a macroeconomic system with oligopoly, entry/exit, and heterogeneous individuals. The algebraic framework of a new macro-model is analytically dissected, to prepare a sound basis for the experiments in simulation.

  • 4 - The Results of the Simulation Agent-Based Model, in SMAC and ASHAM Modes

  • from Part Two - Model
  • Marco Mazzoli, Università degli Studi di Genova, Matteo Morini, Università degli Studi di Torino, Italy, Pietro Terna, Università degli Studi di Torino, Italy
  • Book:
    Rethinking Macroeconomics with Endogenous Market Structure
    Published online:
    07 December 2019
    Print publication:
    19 December 2019, pp 106-167

  • Summary

    We analyze the simulation results, considering both the dynamic of the time series of the main economicvariables of the model and their correlation structure. The attention is mainly related to the emergence of the counter cyclical markup phenomenon and to the dynamic of the market structures, ranging from tight oligopolistic constructions to the development of large atomistic markets. We elaborate on the results emerging from the simulation experiments, in the perspective both of the presence of the countercyclical markup phenomenon, and of the different market structures generated by the simulation.

  • 3 - A Computable Market Model: The Structure of the Agent-Based Simulation

  • from Part Two - Model
  • Marco Mazzoli, Università degli Studi di Genova, Matteo Morini, Università degli Studi di Torino, Italy, Pietro Terna, Università degli Studi di Torino, Italy
  • Book:
    Rethinking Macroeconomics with Endogenous Market Structure
    Published online:
    07 December 2019
    Print publication:
    19 December 2019, pp 77-105

  • Summary

    Starting from the equation based construction introduced previously, we builda macroeconomic simulation model of an economic using the agent-based technique; the model is micro-founded and so our explanation starts from the behavior of the agents and of the market frameworks where they behave. The structure of the simulation model is well represented via the sequence oftwelve items. Starting from the model outline reported in the Outline, we develop a detailed description of the steps the simulation undertakes over the time, with the actions of the different kind of agents.

Page 1 of 2