Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/180911
Authors: 
Assenza, Tiziana
Cardaci, Alberto
Delli Gatti, Domenico
Grazzini, Jakob
Year of Publication: 
2018
Citation: 
[Journal:] Economics: The Open-Access, Open-Assessment E-Journal [ISSN:] 1864-6042 [Volume:] 12 [Year:] 2018 [Issue:] 2018-47 [Pages:] 1-17
Abstract: 
In this paper the authors extend the macroeconomic agent-based model described in Delli Gatti, D., Desiderio, S., Gaffeo, E., Cirillo, P. and Gallegati, M. (Macroeconomics from the bottom-up, 2011) with the inclusion of a bank-bank network that mimics real-world dynamics of interbank markets. They also introduce a public sector and other modifications in order to carry out different policy experiments. More specifically, they test the implementation of a monetary policy by means of a standard Taylor rule, an unconventional monetary policy (i.e. helicopter drop) and a set of macroprudential regulations. The authors explore the properties of the model for such different scenarios. The results shed some light on the effectiveness of monetary and macroprudential policies in an economy with an interbank market during times of crises.
Subjects: 
agent-based models
monetary policy
credit network
JEL: 
C63
E51
E52
Persistent Identifier of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by/4.0/
Document Type: 
Article

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