Validation has been an important issue in using the ABM approach. It has been pointed out that deriving the necessary conditions for reproducing specific macro behavior is difficult due to the functional complexity of the models. However, based on the authors' experience in ABM, we believe it is...

This paper aims to investigate the mechanism of adjustment in the labor market with respect to changes in GDP. For this purpose, the response of employment, i.e. demand for labor, to the changes in GDP is modeled as an error correction model (ECM). The results indicate that the adjustments in...

The paper investigates whether a decrease in standard working time (the stipulated weekly working time) might produce work-sharing, i.e. a redistribution of a given amount of work over a larger number of employees. To this end, we adopt a structural vector error correction model thought to be...

We examine the dynamics of GDP following an economy-wide pandemic shock that curtails physical mobility and the ability to perform certain tasks at work. We examine whether greater reliance on digital technologies has the potential to mediate employment and productivity losses. We employ...

We design a new specification of Okun's model that takes the following features into account: estimation of the relation in first differences, the possible lagged effect of GDP dynamics on unemployment changes, the persistence of unemployment rate dynamics, the possible different values of Okun...

"Any economic analysis of climate change policy requires some model that describes the impact of warming on future GDP and consumption. Most integrated assessment models (IAMs) relate temperature to the level of real GDP and consumption, but there are theoretical and empirical reasons to expect...

We measure risk attitudes in 30 different countries in a controlled, incentivized experiment (N = 3025). At the macroeconomic level, we find a strong and highly significant negative correlation between the risk tolerance of a country and income per capita. This gives rise to a paradox, seen that...

The present research provides evidence on the determinants driving the differences in the unemployment-output relationship in Spanish regions. We followed a two-step approach. First, we estimated a set of time-varying Okun’s coefficients (rolling-window) for the autonomous communities in Spain...

This paper aims to investigate the impact of innovation on three macroeconomic indicators: GDP, self-employment, and foreign direct investment (FDI). The study analyses a sample of 120 countries using the Global Innovation Index (GII) and its constituent sub-indices and pillars, which provide a...