Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/96880
Authors: 
Assenza, Tiziana
Gatti, Domenico Delli
Grazzini, Jakob
Year of Publication: 
2014
Series/Report no.: 
CESifo Working Paper 4765
Abstract: 
Building on the framework put forward by Delli Gatti et al. 2011, in this paper we present and discuss a Macroeconomic Agent-Based Model with Capital and Credit (hereafter CC-MABM). The novelty of this model with respect to the previous framework consists in the introduction of capital goods that firms producing consumption goods (C-firms) purchase from capital goods producers (K-firms). The introduction of durability (in the form of capital which depreciates gradually) has important consequences for the emergent macrodynamic behavior. The present CC-MABM is essentially a two-sector macro ABM. In a stylized supply chain the upstream sector, consisting of firms producing capital goods (K-firms) supply a durable and sticky input (capital) to the downstream sector consisting of firms producing consumption goods (C-firms) to be sold to households. Both C-firms and K-firms resort to bank loans to satisfy their financing needs. There are two-ways feedbacks between markets and sectors which yield interesting emerging properties at the macro level.
Subjects: 
agent-based macroeconomics
capital
credit
crisis
upstream
down-stream
JEL: 
E32
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.