TY - JOUR
T1 - MONETARY POLICY TRANSMISSION in A MACROECONOMIC AGENT-BASED MODEL
AU - Schasfoort, Joeri
AU - Godin, Antoine
AU - Bezemer, DIrk
AU - Caiani, Alessandro
AU - Kinsella, Stephen
N1 - Publisher Copyright:
© 2017 World Scientific Publishing Company.
PY - 2017/12/1
Y1 - 2017/12/1
N2 - 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.
AB - 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.
KW - Agent-based modeling
KW - inflation
KW - monetary policy transmission
KW - stock flow consistent modeling
UR - http://www.scopus.com/inward/record.url?scp=85044479097&partnerID=8YFLogxK
U2 - 10.1142/S0219525918500030
DO - 10.1142/S0219525918500030
M3 - Article
AN - SCOPUS:85044479097
SN - 0219-5259
VL - 20
JO - Advances in Complex Systems
JF - Advances in Complex Systems
IS - 8
M1 - 1850003
ER -
