Demo models‎ > ‎

MacroABM

By Hugo Lhuillier (2016) and Ross Richardson (2018)

This macroeconomic-financial model is inspired by the agent-based model described in the paper "Income distribution, credit and fiscal policies in an agent-based Keynsian model" (Dosi, Fagiolo, Napoletano and Roventini, 2013), which extends work presented in "Schumpeter meeting Keynes: a policy-friendly model of endogenous growth and business cycles" (Dosi, Fagiolo and Roventini, 2010), both published in the Journal of Economic Dynamics and Control.  We refer the reader to both papers for more information on the background and theoretical roots of the model, as this description focuses on the implementation of our reinterpretation of the model in JAS-mine.

As described in the paper, the model features "a banking sector and a monetary authority setting interest rates and credit lending conditions in a framework combining Keynesian mechanisms of demand generation, a Schumpeterian innovation-fueled process of growth and Minskian credit dynamics."


  1. Agents
  2. Timeline of events (the Schedule)
  3. The file structure
  4. The class hierarchy of agents
  5. Parameters
  6. The model class (MacroModel.java)
  7. Capital Good Firm class (KFirm.java)
  8. Consumption Good Firm class (CFirm.java)
  9. The Bank class (Bank.java)
  10. Data output
  11. Charts
  12. Running the model


Executable versions of the demo models can be found at https://sourceforge.net/projects/jas-mine/files/Demo%20Models/.

A compressed .zip version of the JAS-mine project can be downloaded by clicking on the 'down arrow' to the right hand side of the .zip link below. When unzipping, choose to keep the directory structure if necessary.  Afterwards, the project can be imported into Eclipse by clicking on the 'File' tab in Eclipse, then selecting 'Import', expanding the 'General' directory and choosing 'Existing Projects into Workspace'. Select the root directory by browsing for the unzipped directory in the location you extracted the files to. If any errors exist in the Eclipse console, right click on the project in the Package Explorer window, select 'Maven', and click on 'Update Project' - this will download any missing dependencies. The simulation can be initiated by finding MacroStart.java in the experiment package of the src directory, and choosing to run MacroStart.java as a Java application.

The source code repository is available on GitHub at https://github.com/jasmineRepo/MacroABM.


Acknowledgements

The JAS-mine team (Matteo Richiardi, Ross Richardson and Hugo Lhullier) thanks Mauro Napoletano, Andrea Roventini and Tania Treibich for providing a version of the source code of the Dosi et al. (2013) paper, and for help and support during implementation. The JAS-mine MacroABM model is a reinterpretation of the original model, and should NOT be considered simply as a porting of that model into JAS-mine.