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refrain from spending rather expands their capacity for consumption. As a result, after the economic shock ceases to exist …
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agent based macroeconomic model. We analyse the effects of a non-linear relationship between wealth and consumption on the …
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Agent-based simulation models are a relatively new addition to the tool-box of macroeconomists. In this chapter we introduce the Eurace@Unibi model and the research that has been done within this framework. We show how an agent-based model can be used to identify economic mechanisms and how it...
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