BaGBeM Research Workshop „Agent-Based Macroeconomics“

Date: 17.-19. October 2018
Instructor: Alberto Russo

Topics

• Complexity economics
• Macroeconomics with Heterogeneous Interacting Agents
• Inequality, financial fragility, crisis
• Building and simulating a simple Agent Based Model

About the Instructor

Alberto Russo is Assistant Professor at the Università Politecnica delle Marche, Ancona (Italy). His main research interests are: agent-based modelling and complexity economics, macroeconomics with heterogeneous interacting agents, inequality, financial fragility, experimental economics. He published in recognized journals such as International Journal of Forecasting, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Evolutionary Economics, Macroeconomic Dynamics, etc. He is co-editor of three books published by Cambridge University Press, Elsevier and Springer. He is guest editor for Economics E-Journal, Industrial and Corporate Change, the Journal of Economic Behavior and Organization, and the Journal of Economic Dynamics and Control.

Schedule

Wednesday, 17. Oktober

09:30 – 10:30     Introduction to Agent-Based Macroeconomics

11:00 – 12:30     Agent-Based Computational Economics: What, Why, When

14:00 – 15:30     Building and simulating a toy model I

Thursday, 18. Oktober

09:30 – 10:30     Building and simulating a toy model II

11:00 – 12:30     An Agent-Based Decentralized Matching Macro Model

14:00 – 15:30     Extensions: from Financialization to Financial Regulation and Inequality

16:00 – 17:30     Office hours

Friday, 19. Oktober

09:30 – 10:30     ABM-SFC I: Does Inequality Hamper Innovation and Growth?

11:00 – 12:30     ABM-SFC II: Inequality and Finance in a Rent Economy

14:00 – 15:30     Conclusions and discussion of student’s works

References

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 Books

• Caiani A., Russo A., Palestrini A., Gallegati M. (2017), Economics with Heterogeneous Interacting Agents: A Practical Guide to Agent-Based Modelling, Springer

• Delli Gatti D., Fagiolo G., Gallegati M., Richiardi M., Russo A. (2018), Agent-Based Models in Economics: A Toolkit, Cambridge University Press

Chapters

• Delli Gatti D., Dawid H. (2018), Agent-based macroeconomics, in Hommes C., and B. LeBaron (eds.), Handbook of Computational Economics, Vol. 4: Heterogeneous Agent Models

Journal articles

• Botta A., Caverzasi E., Russo A., Gallegati M., Stiglitz J.E. (2018), Inequality and finance in a rent economy, Greenwich Papers in Political Economy 20377, University of Greenwich, Greenwich Political Economy Research Centre

• Caiani A., Russo A., Gallegati M. (2018), Does inequality hamper innovation and growth? An AB-SFC analysis, Journal of Evolutionary Economics, first online

• Caiani A., Russo A., Gallegati M. (2018), Are higher wages good for business? An assessment under alternative innovation and investment scenarios, Macroeconomic Dynamics, first online

• Caverzasi E., Russo A. (2018), Towards a new microfounded macroeconomics in the wake of the crisis, Industrial and Corporate Change, forthcoming 

• Riccetti L., Russo A., Gallegati M. (2015), An agent based decentralized matching macroeconomic model, Journal of Economic Interaction and Coordination, 10(2): 305-332

• Riccetti L., Russo A., Gallegati M. (2016), Financialisation and crisis in an agent based macroeconomic model, Economic Modelling, 52(PA): 162-172

• Riccetti L., Russo A., Gallegati M. (2018), Financial regulation and endogenous macroeconomic crises, Macroeconomic Dynamics, 22(04): 896-930

• Russo A., Riccetti L., Gallegati M. (2016), Increasing inequality, financial fragility and consumer credit in an agent based macroeconomic model, Journal of Evolutionary Economics, 26(1): 25-47