MONETARY POLICY TRANSMISSION IN A MACROECONOMIC AGENT-BASED MODEL

被引：13

作者：

Schasfoort, Joeri ^{[1
]}

Godin, Antoine ^{[2
,3
]}

Bezemer, Dirk ^{[1
]}

Caiani, Alessandro ^{[4
]}

Kinsella, Stephen ^{[5
]}

机构：

[1] Univ Groningen, Fac Econ & Business, Nettelbosje 2, NL-9747 AE Groningen, Netherlands

[2] Agence Francaise Dev, 5 Rue Roland Barthes, F-75012 Paris, France

[3] Univ Paris 13, Sorbonne Paris Cite, CNRS, Ctr Econ Univ,Paris Nord,UMR 7234, Paris, France

[4] Marche Polytech, Ancona, Italy

[5] Univ Limerick, Kemmy Business Sch, Econ Dept, Limerick, Limerick, Ireland

来源：

ADVANCES IN COMPLEX SYSTEMS | 2017年 / 20卷 / 08期

关键词：

Agent-based modeling; stock flow consistent modeling; monetary policy transmission; inflation; RATE PASS-THROUGH;

D O I：

10.1142/S0219525918500030

中图分类号：

O1 [数学];

学科分类号：

0701 ; 070101 ;

摘要：

In this paper we explore the variety of monetary policy transmission channels in an agent-based macroeconomic model. We identify eight transmission channels and present a model based on [Caiani et al., J. Econ. Dyn. Contr. 69 (2016) 375-480], extended with an interbank market. We then analyze model simulation results of interest rate shocks in terms of GDP and inflation for four of the transmission channels. We find these effects to be small, in line with the view that monetary policy is a weak tool to control inflation.

引用

页数：35

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