Suchergebnisse

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.

In this paper we model an OLG economy à la Kiyotaki and Moore whose novel feature is the role of money as a store of value and of bequest as a source of funds to be "invested" in landholding. The dynamics generated by the model are generally characterized by irregular cyclical trajectories and, under special con.guration of the parameters, a strange attractor appears. In this setting, an expansionary monetary policy may have a stabilizing role due to the interaction between money holding and the accumulation of borrowers' net worth.