Proceedings of The European Simulation and Modelling Conference - ESM'2010
巻, 号, ページ
出版年月
2010年10月
出版者
和文:
英文:
会議名称
和文:
英文:
The 24th European Simulation and Modelling Conference
開催地
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英文:
Hasselt University, Hasselt, Belgium
アブストラクト
A well known result from caplin&spulber87 shows that even in the presence of price rigidity, aggregated product of an economy may be unaffected by changes in the money supply.
Here we relax the assumptions of continuity of such result by using agent based simulation, and analyzing the dynamics of output under such conditions.
We show that in the agent-based version of the model money is no longer neutral and cyclic dynamics emerge. Such dynamics is influenced mainly by expectations of income, expectations of inflation, and implementations of (s,S) strategies. Oscillations in output grow stronger as the economy departs from initial equilibrium conditions.
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