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Energy Shocks and Macroeconomic Stabilization Policies in an Agent-Based Macro Model

In: Computational Methods in Economic Dynamics

Author

Listed:
  • Sander Hoog

    (Bielefeld University)

  • Christophe Deissenberg

    (Universitée de la Méditerranée II)

Abstract

In this chapter we consider the effects of exogenous energy shocks on an agent-based macroeconomic system and study the out-of-equilibrium dynamics. We introduce automatic stabilizers that allow the artificial economy to absorbe the shocks. Two types of macroeconomic stabilization policies are implemented: a consumer subsidy scheme that compensates households for their loss in purchasing power, and a tax reduction scheme that affects both households and firms to support consumption and investments. Policy experiments are then carried out to evaluate the effectiveness of these macroeconomic policies. Finally, we are able to distinguish between short- and long-term effects of the policy measures.

Suggested Citation

  • Sander Hoog & Christophe Deissenberg, 2011. "Energy Shocks and Macroeconomic Stabilization Policies in an Agent-Based Macro Model," Dynamic Modeling and Econometrics in Economics and Finance, in: Herbert Dawid & Willi Semmler (ed.), Computational Methods in Economic Dynamics, pages 159-181, Springer.
    • Handle: RePEc:spr:dymchp:978-3-642-16943-4_8
    DOI: 10.1007/978-3-642-16943-4_8
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    Cited by:

    1. Turco, Enrico & Bazzana, Davide & Rizzati, Massimiliano & Ciola, Emanuele & Vergalli, Sergio, 2023. "Energy price shocks and stabilization policies in the MATRIX model," Energy Policy, Elsevier, vol. 177(C).
    2. Enrico Turco & Davide Bazzana & Massimiliano Rizzati & Emanuele Ciola & Sergio Vergalli, 2022. "Energy price shocks and stabilization policies in a multi-agent macroeconomic model for the Euro Area," Working Papers 2022.25, Fondazione Eni Enrico Mattei.

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