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<p>In this paper, I construct a macroeconomic agent-based model to explore its potential as a tool to support macroeconomic policy decisions. Compared with existing models, I include several channels of the transmission mechanism in the model such as interest rate channel and expectation channel. I then conduct a series of experiments to understand the responses of key macroeconomic variables to major macroeconomic shocks. I find that the effects of the demand shock and the monetary policy shock are broadly consistent with those of standard models. On the other hand, supply shock generates additional effects that are not typical for other classes of models. </p>

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Features of the responses of variables to shocks in an macroeconomic agent-based model

  • 期刊论文

  • 发表日期：

    2026年7月22日

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  • Alexandra Glazova

摘要

In this paper, I construct a macroeconomic agent-based model to explore its potential as a tool to support macroeconomic policy decisions. Compared with existing models, I include several channels of the transmission mechanism in the model such as interest rate channel and expectation channel. I then conduct a series of experiments to understand the responses of key macroeconomic variables to major macroeconomic shocks. I find that the effects of the demand shock and the monetary policy shock are broadly consistent with those of standard models. On the other hand, supply shock generates additional effects that are not typical for other classes of models.