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Macro agent-based modelling: Why make them SFC and when to do it?

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Time: 10.00am - 2.15pm
Venue: Room 5011, John Galsworthy building, Penrhyn Road campus, Penrhyn Road, Kingston upon Thames, Surrey KT1 2EE
Price: free
Speaker(s): Dr Antoine Godin and Dr Devrim Yilmaz, Kingston University

Macro agent-based modelling: Why make them SFC and when to do it?

This lecture series will present the basics of Agent-based Stock Flow Consistent modelling with a lecture and a lab in a three-hour session. The lecture will first outline the basic methodology of agent-based modelling and discuss the advantages of incorporating heterogeneity in stock flow consistent (SFC) macro models. We will then use the SIM model in Lavoie & Godley (2007) as our benchmark SFC model and impose heterogeneity in the household sector in this model. The lab session will demonstrate how to simulate this ABSFC model derived in the lecture using R.

The full program is available here.

Core references:

  • Michell, Jo (2014). "A Steindlian account of the distribution of corporate profits and leverage: A stock-flow consistent macroeconomic model with agent-based micrcofoundations."
  • Godley, W. and M. Lavoie (2007) "Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth", Chapter 3, Basingstoke, Palgrave Macmillan

Further references:

  • Delli Gatti, D., Gaffeo, E. and Gallegati, M. (2010), "Agent Based Macroeconomics: a manifesto", Journal of Economic Interaction and Coordination.
  • Tesfatsion, Leigh, and Kenneth L. Judd, eds. (2006) Handbook of computational economics: agent-based computational economics. Vol. 2. Elsevier.
  • Epstein, Joshua M., and Robert Axtell (1996). Growing artificial societies: social science from the bottom up. Brookings Institution Press.

For further information about this event:

Contact: Rafael Wildauer
Email: R.Wildauer@kingston.ac.uk

Directions

Directions to Room 5011, John Galsworthy building, Penrhyn Road campus, Penrhyn Road, Kingston upon Thames, Surrey KT1 2EE:

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