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Rising to the Challenge : Bayesian Estimation and Forecasting Techniques for Macroeconomic Agent-Based Models
Delli Gatti, Domenico - 2019
We propose two novel methods to "bring ABMs to the data". First, we put forward a new Bayesian procedure to estimate the numerical values of ABM parameters that takes into account the time structure of simulated and observed time series. Second, we propose a method to forecast aggregate time...
Persistent link: https://www.econbiz.de/10012860573
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Adaptive Agents May Be Smarter than You Think : Unbiasedness in Adaptive Expectations
Palestrini, Antonio; Gallegati, Mauro; Delli Gatti, Domenico - 2021
Agents forming adaptive expectations generally make systematic mistakes. This characterization has fostered the rejection of adaptive expectations in macroeconomics. Experimental evidence, however, shows that in complex environments human subjects frequently rely on adaptive heuristics –...
Persistent link: https://www.econbiz.de/10013217385
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Inequality and Market Concentration, When Shareholding is More Skewed than Consumption
Gans, Joshua S. - 2019
Economic theory suggests that monopoly prices hurt consumers but benefit shareholders. But in a world where individuals …
Persistent link: https://www.econbiz.de/10012892178
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Which Ladder to Climb? Decomposing Life Cycle Wage Dynamics
Bayer, Christian - 2019
Wages grow and become more unequal as workers age. Economic theory focuses on worker investment in human capital …
Persistent link: https://www.econbiz.de/10012897647
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Inequality and the Environment : The Economics of a Two-Headed Hydra
Drupp, Moritz A.; Kornek, Ulrike; Meya, Jasper; Sager, Lutz - 2021
Preserving environmental quality and addressing economic inequality both feature prominently in public discourse. Neither of these two issues can be fully understood in isolation, and policies aiming at one issue will increasingly have to consider interactions with the other. We synthesize...
Persistent link: https://www.econbiz.de/10013312074
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Redistribution and occupational choice in a Schumpeterian growth model
Garcίa-Peñalosa, Cecilia; Wen, Jean-François - 2004
We consider an R&D-driven endogenous growth model in which innovation is risky and agents are risk averse. Growth is determined by the occupational choice of agents who can either work in production for a wage or become entrepreneurs. In this context, we examine the impact of redistributive...
Persistent link: https://www.econbiz.de/10010273729
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Inequality Undermines Democracy and Growth
Gylfason, Thorvaldur - 2019
Income equality and trust seem to go along with several other ingredients of social capital as determinants of economic growth across the globe. In a large sample of countries, equality in the distribution of income as measured by the World Bank and by The Standardized World Income Inequality...
Persistent link: https://www.econbiz.de/10012892099
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Structural Unemployment, Underemployment, and Secular Stagnation
Hashimoto, Ken-Ichi - 2020
is persistent demand shortage. We show that, under some conditions, a secular stagnation steady state exists in which the … addition to the job creation channel of the standard matching model. Turning to the stagnation equilibrium, the effects of … employment gap under stagnation are primarily driven by fluctuations in underemployment instead of structural unemployment. Our …
Persistent link: https://www.econbiz.de/10012832192
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Technological Growth and Hours in the Long Run : Theory and Evidence
Reif, Magnus; Tesfaselassie, Mewael F.; Wolters, Maik - 2021
Over the last decades, hours worked per capita have declined substantially in many OECD economies. Using a neoclassical growth model with endogenous work-leisure choice, we assess the role of trend growth slowdown in accounting for the decline in hours worked. In the model, a permanent reduction...
Persistent link: https://www.econbiz.de/10013222213
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The "Matthew Effect" and Market Concentration : Search Complementarities and Monopsony Power
Fernández-Villaverde, Jesús; Mandelman, Federico; Yu, Yang - 2021
This paper develops a dynamic general equilibrium model with heterogeneous firms that face search complementarities in the formation of vendor contracts. Search complementarities amplify small differences in productivity among firms. Market concentration fosters monopsony power in the labor...
Persistent link: https://www.econbiz.de/10013245629