Related papers: Optimal Inflation Target: Insights from an Agent-B…
Agent-based modelling (ABM) is a facet of wider Multi-Agent Systems (MAS) research that explores the collective behaviour of individual `agents', and the implications that their behaviour and interactions have for wider systemic behaviour.…
We present an overview of some representative Agent-Based Models in Economics. We discuss why and how agent-based models represent an important step in order to explain the dynamics and the statistical properties of financial markets beyond…
We present our approach to the problem of how an agent, within an economic Multi-Agent System, can determine when it should behave strategically (i.e. learn and use models of other agents), and when it should act as a simple price-taker. We…
Timely monetary policy decision-making requires timely core inflation measures. We create a new core inflation series that is explicitly designed to succeed at that goal. Precisely, we introduce the Assemblage Regression, a generalized…
In a globalised world, inflation in a given country may be becoming less responsive to domestic economic activity, while being increasingly determined by international conditions. Consequently, understanding the international sources of…
The paper tests the validity of the critique of the fiscal theory of the price level. A stochastic general equilibrium model with continuous time is constructed. An active fiscal policy and a passive monetary policy have been set. Monetary…
We give a brief review of the basic principles of inflationary theory and discuss the present status of the simplest inflationary models that can describe Planck/BICEP/Keck observational data by choice of a single model parameter. In…
We study a large economy in which firms cannot compute exact solutions to the non-linear equations that characterize the equilibrium price at which they can sell future output. Instead, firms use polynomial expansions to approximate prices.…
We investigate inflationary scenarios driven by a class of potentials which are similar in form to those that arise in certain minimal supersymmetric extensions of the standard model. We find that these potentials allow a brief period of…
The newly released Planck CMB data place tight constraints on slow-roll inflationary models. Some of commonly discussed inflationary potentials are disfavored due mainly to the large tensor-to-scalar ratio. In this paper we show that these…
Agent Based Modeling (ABM) has become a widespread approach to model complex interactions. In this chapter after briefly summarizing some features of ABM the different approaches in modeling spatial interactions are discussed. It is…
Models of economic decision makers often include idealized assumptions, such as rationality, perfect foresight, and access to all relevant pieces of information. These assumptions often assure the models' internal validity, but, at the same…
Coupled human-environment systems are increasingly being understood as complex adaptive systems (CAS), in which micro-level interactions between components lead to emergent behavior. Agent-based models (ABMs) hold great promise for…
We present an agent-based simulator for economic systems with heterogeneous households, firms, central bank, and government agents. These agents interact to define production, consumption, and monetary flow. Each agent type has distinct…
Cosmic Microwave Background (CMB) is an important probe for understanding the inflationary era of the Universe. We consider the Perturbed Power Law (PPL) model of inflation which is a soft deviation from Power Law (PL) inflationary model.…
A model of natural inflation with an effectively trans-Planckian decay constant can be easily achieved by the "phase locking" mechanism while keeping field values in the effective field theory within the Planck scale. We give detailed…
The minimal warm inflation model was constructed as a warm inflation setup with direct interaction between inflaton and (non-Abelian) gauge fields. The model was shown to be compatible with observation for some forms of potential. As a…
Inflation elegantly provides initial conditions for the standard model of cosmology, while solving the horizon, flatness, and magnetic monopole problems. Inflationary models make predictions for the tensor-to-scalar ratio $r$ and the…
In macroeconomics, an emerging discussion of alternative monetary systems addresses the dimensions of systemic risk in advanced financial systems. Monetary regime changes with the aim of achieving a more sustainable financial system have…
Brane inflation can provide a promissing framework for solving the fine-tuning problem in standard inflationary models. The aim of this paper is to illustrate the mechanism by which this can be achieved. By considering the supersymmetric…