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- Title
Towards a New Austrian Macroeconomics.
- Authors
Veetil, Vipin; White, Lawrence
- Abstract
Austrian macroeconomists of the interwar period saw the economy as a complex adaptive system, in which macroeconomic variables emerge from the interaction between millions of purposefully acting agents. Recent advances in computation technology allow us to build empirically salient synthetic economies in silico, and thereby formalize many Austrian insights. We present a workhorse model with firms on an input-output network. Macroeconomic variables evolve through the interaction between micro-economic decisions. We use the model to explain an effect of monetary shocks on the price distribution and provide a sketch of other potential applications.
- Subjects
MACROECONOMICS; MULTIAGENT systems; BUSINESS cycles; FINANCIAL crises; RECESSIONS
- Publication
Review of Austrian Economics, 2017, Vol 30, Issue 1, p19
- ISSN
0889-3047
- Publication type
Article
- DOI
10.1007/s11138-016-0354-z