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dc.contributor.authorLengnick, Matthiasen_US
dc.contributor.authorWohltmann, Hans-Werneren_US
dc.date.accessioned2011-09-27en_US
dc.date.accessioned2011-09-29T15:42:42Z-
dc.date.available2011-09-29T15:42:42Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/49990-
dc.description.abstractWe combine a simple agent-based model of financial markets and a New Keynesian macroeconomic model with bounded rationality via two straightforward channels. The result is a macroeconomic model that allows for the endogenous development of business cycles and stock price bubbles. We show that market sentiments exert important influence on the macroeconomy. They introduce high volatility into impulse-response functions of macroeconomic variables and thus make the effect of a given shock hard to predict. We also analyze the impact of different financial transaction taxes (FTT, FAT, progressive FAT) and find that such taxes can be used to stabilize the economy and raise funds from the financial sector as a contribution to the costs produced by the recent crisis. Our results suggest that the FTT leads to higher tax revenues and better stabilization results then the FAT. However, the FTT might also create huge distortion if set too high, a threat which the FAT does not imply.en_US
dc.language.isoengen_US
dc.publisherUniv., Dep. of Economics Kielen_US
dc.relation.ispartofseriesEconomics working paper / Christian-Albrechts-Universität Kiel, Department of Economics 2011,09en_US
dc.subject.jelE0en_US
dc.subject.jelE62en_US
dc.subject.jelG01en_US
dc.subject.jelG18en_US
dc.subject.ddc330en_US
dc.subject.keywordAgent-based modelingen_US
dc.subject.keywordstock marketen_US
dc.subject.keywordNew Keynesian macroeconomicsen_US
dc.subject.keywordfinancial transaction taxen_US
dc.subject.keywordfinancial activities taxen_US
dc.titleAgent-based financial markets and New Keynesian macroeconomics: A synthesisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn668908408en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cauewp:201109-
Appears in Collections:Economics Working Papers, Department of Economics, CAU Kiel

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