Journal of Economic Interaction and Coordination最新文献_第2页

The new industrial revolution: the optimal choice for flexible work companies 新工业革命：灵活工作公司的最佳选择

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-06-25 DOI: 10.1007/s11403-024-00418-y

Leonardo Becchetti, Francesco Salustri, Nazaria Solferino

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引用次数: 0

Post-COVID inflation and the monetary policy dilemma: an agent-based scenario analysis 后 COVID 通胀与货币政策困境：基于代理的情景分析

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-06-24 DOI: 10.1007/s11403-024-00413-3

Max Sina Knicker, Karl Naumann-Woleske, Jean-Philippe Bouchaud, Francesco Zamponi

{"title":"Post-COVID inflation and the monetary policy dilemma: an agent-based scenario analysis","authors":"Max Sina Knicker, Karl Naumann-Woleske, Jean-Philippe Bouchaud, Francesco Zamponi","doi":"10.1007/s11403-024-00413-3","DOIUrl":"https://doi.org/10.1007/s11403-024-00413-3","url":null,"abstract":"The economic shocks that followed the COVID-19 pandemic have brought to light the difficulty, both for academics and policy makers, of describing and predicting the dynamics of inflation. This paper offers an alternative modelling approach. We study the 2020–2023 period within the well-studied Mark-0 Agent-Based Model, in which economic agents act and react according to plausible behavioural rules. We include a mechanism through which trust of economic agents in the Central Bank can de-anchor. We investigate the influence of regulatory policies on inflationary dynamics resulting from three exogenous shocks, calibrated on those that followed the COVID-19 pandemic: a production/consumption shock due to COVID-related lockdowns, a supply chain shock, and an energy price shock exacerbated by the Russian invasion of Ukraine. By exploring the impact of these shocks under different assumptions about monetary policy efficacy and transmission channels, we review various explanations for the resurgence of inflation in the USA, including demand-pull, cost-push, and profit-driven factors. Our main results are fourfold: (i) without appropriate fiscal policy, the shocked economy can take years to recover, or even tip over into a deep recession; (ii) the success of monetary policy in curbing inflation is primarily due to expectation anchoring, rather than to the direct economic impact of interest rate hikes; (iii) however, perhaps paradoxically, strong inflation anchoring is detrimental to consumption and unemployment, leading to a narrow window of “optimal” policy responses due to the trade-off between inflation and unemployment; (iv) the two most sensitive model parameters are those describing wage and price indexation. The results of our study have implications for Central Bank decision-making, and offer an easy-to-use tool that may help anticipate the consequences of different monetary and fiscal policies.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141512574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Simulations for models with heterogeneous agents, incomplete markets, real assets and aggregate uncertainty 具有异质代理、不完全市场、实际资产和总体不确定性的模型模拟

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-06-23 DOI: 10.1007/s11403-024-00415-1

Damian Pierri

引用次数: 0

A dynamic model of wealth segregation 财富隔离的动态模型

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-06-18 DOI: 10.1007/s11403-024-00416-0

Eugenio Vicario

引用次数: 0

Editorial to the special issue on ZIMI ZIMI 特刊社论

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-06-13 DOI: 10.1007/s11403-024-00414-2

Dave Cliff, Dan K. Gode, Shyam Sunder

引用次数: 0

Rationality, inequality, and the output gap: evidence from a disaggregated Keynesian cross diagram 理性、不平等和产出缺口：来自凯恩斯分类交叉图的证据

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-05-28 DOI: 10.1007/s11403-024-00412-4

Andrea Teglio

{"title":"Rationality, inequality, and the output gap: evidence from a disaggregated Keynesian cross diagram","authors":"Andrea Teglio","doi":"10.1007/s11403-024-00412-4","DOIUrl":"https://doi.org/10.1007/s11403-024-00412-4","url":null,"abstract":"This paper examines the conditions under which a representative agent (RA) model can accurately approximate the output of a multi-agent model that assumes many interacting agents. The study compares the widely used Keynesian cross diagram, which employs a representative agent, to an extended model that explicitly considers multiple interacting households and firms. The extended model reduces to the original RA model when there is one agent of each type. The findings suggest that the RA Keynesian cross diagram model does not accurately approximate the extended multi-agent model when: (1) the network structure of the economy is asymmetric (e.g., firms have different sizes), or (2) the rationality of agents is too low. Additionally, when income inequality is considered by introducing capitalists, the RA model is no longer a good approximation, even if agents are rational. However, fiscal policies that redistribute income can improve the accuracy of the RA model’s predictions. In general, features that increase the overall rationality of the economy and decrease heterogeneity tend to improve the performance of the RA approximation.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141171987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Editorial to the special issue on applications of complexity for resilient organizations, management and innovation systems 为 "复杂性在弹性组织、管理和创新系统中的应用 "特刊撰写社论

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-04-24 DOI: 10.1007/s11403-024-00411-5

S. Cincotti, Ilaria Giannoccaro, Cristina Ponsiglione, L. Ponta, Andreas Pyka

引用次数: 0

Economic interactions that are beyond simulation 无法模拟的经济互动

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-04-12 DOI: 10.1007/s11403-024-00410-6

Shaun Gallagher, Antonio Mastrogiorgio

引用次数: 0

How a liquidity saving mechanism affects bank behavior in interconnected payment networks 流动性储蓄机制如何影响互联支付网络中的银行行为

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-04-03 DOI: 10.1007/s11403-024-00408-0

Hitoshi Hayakawa

{"title":"How a liquidity saving mechanism affects bank behavior in interconnected payment networks","authors":"Hitoshi Hayakawa","doi":"10.1007/s11403-024-00408-0","DOIUrl":"https://doi.org/10.1007/s11403-024-00408-0","url":null,"abstract":"A surge in banks’ liquidity needs increases settlement costs that could burden the functioning of the real economy through its impact on banks’ lending behavior. A liquidity saving mechanism (LSM) can help reduce banks’ liquidity needs, but it could also affect banks’ strategic behavior. To understand how an LSM affects banks’ behavior in a real-time gross settlement system, this study models settlements in a day as a timing game in which banks decide when to make payments, thereby trading off the cost of delaying payments against the cost of borrowing liquidity. An LSM provides a partial offsetting service, whose direct effect is to decrease the cost of liquidity associated with payments that are offset. The study’s stylized analyses reveal that an LSM indirectly affects banks’ strategic behavior in a network context. Without an LSM, a positive strategic spillover effect can arise through the network of payments, which an LSM can dismiss by cutting off the underlying payment network. To demonstrate its welfare impact along with the network structures, this study theoretically analyzes a class of core-periphery networks. The density of the network is shown to have implications on the welfare consequence of adding an LSM. From a policy perspective, the implications on a policy mix between an LSM and the fee setting for intraday lending are discussed.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140574384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Transient dynamics of the COVID lockdown on India’s production network COVID 封锁印度生产网络的瞬态动态

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2024-03-19 DOI: 10.1007/s11403-024-00409-z

{"title":"Transient dynamics of the COVID lockdown on India’s production network","authors":"","doi":"10.1007/s11403-024-00409-z","DOIUrl":"https://doi.org/10.1007/s11403-024-00409-z","url":null,"abstract":"<h3>Abstract</h3> In the wake of the COVID-19 pandemic, the Government of India imposed production restrictions on various sectors of the economy. Prima facie there is reason to believe that the cost of the quantity constraints may be greater than their simple sum. This is because quantity constraints percolate through the production network forcing some sectors to reduce output because of the non-availability of inputs. This paper uses an input–output network model (IO-NET model) to study the impact of the lockdown on the Indian economy. We calibrate our IO-NET model to the Indian economy using data on sectoral linkages. We then examine the impact of the lockdown using sector-based computational experiments. Such experiments allow us to examine the out-of-equilibrium time dynamics that emerge in response to the lockdown. The transient dynamics reveal certain counterintuitive phenomena. The first of which is that the supply of output of some sectors increases during and immediately after the lockdown. Second, recovery after the relaxation of the lockdown entails the overshooting of GDP above its normal levels. And the size of the overshooting depends on the stickiness of prices. These counterintuitive phenomena are intimately related to the network interaction between firms as buyers and sellers of intermediate inputs. The paper also measures the network effect of the lockdown across different sectors. There is sizeable heterogeneity among sectors in how their network position amplifies the quantity constraints imposed on sectors distantly related to them as buyers–sellers of intermediate inputs. Ultimately, models like our own can serve as testbeds for policy experiments, especially when the model is calibrated to granular data on buyer–seller linkages in the economy.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140165359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0