Empirical evidence shows monetary shocks have two temporary effects on the distribution of prices. One, the dispersion of cross-section of prices increases in response to monetary shocks. Two, some prices change in the "wrong" direction: some prices decrease in response to positive monetary...

In this paper, I argue that the key innovation of Agent-Based Economics is not the introduction of the individual agent as an ontological object, but the fact that the economy is modelled as a process. I propose a formal language to express economic models as processes. This formal language...