In this paper we develop a Hybrid Macroeconomic ABM. The economy is populated with firms heterogeneous in term of financial fragility, measured via the Equity Ratio. Firms are maximizing profit by choosing capital, which can not be raised on the stock market. Therefore they have to rely on a...

Elephant seals are known from long-term behavioral studies to be highly polygynous and to show high variance in reproductive success among males. However, genetic studies have determined that the level of polygyny varies between the closely related northern and southern elephant seals. In the...

Illegal markets of waste, counterfeit goods and animals have now reached a global dimension, representing one of the most critical - and at the same time one of the less known - aspects of trade globalization. Legal and illegal routes, which sometimes are two sides of the same coin, mix and...

In this paper we develop a Hybrid Macroeconomic ABM. The economy is populated with firms heterogeneous in term of financial fragility, measured via the Equity Ratio. Firms are maximizing profit by choosing capital, which can not be raised on the stock market. Therefore they have to rely on a...

Expectations are among the main driving forces for economic dynamics. Therefore, managing expectations has become a primary objective for monetary policy seeking to stabilize the business cycle. In this paper, we study whether central banks can manage market expectations by means of forward...

We study if central banks can manage market expectations by means of forward guidance in a New Keynesian learning-to-forecast experiment. Subjects observe public inflation projections by the central bank along with the historic development of the economy and subsequently submit their own...