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A new firm-level model of corporate sector interactions and fragility: The Corporate Agent-Based (CAB) model

Author

Listed:
  • Robert Hillman
  • Sebastian Barnes
  • George Wharf
  • Duncan MacDonald

Abstract

This paper develops a new large-scale firm-level simulation model, the Corporate Sector Agent-Based (CAB) Model, which is applied to analyse the COVID-19 shock and policy options in Barnes, Hillman, MacDonald and Wharf (2021). Agent-based models (ABMs) simulate the interaction of autonomous agents to generate emergent aggregate behaviours. The CAB model takes into account: heterogeneity across firms; a realistic customer-supplier network; interactions between firms; rule-of-thumb behaviour by firms and bankruptcy constraints.

Suggested Citation

  • Robert Hillman & Sebastian Barnes & George Wharf & Duncan MacDonald, 2021. "A new firm-level model of corporate sector interactions and fragility: The Corporate Agent-Based (CAB) model," OECD Economics Department Working Papers 1675, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1675-en
    DOI: 10.1787/e9de0097-en
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    Citations

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    Cited by:

    1. Harasztosi, Péter & Maurin, Laurent & Pál, Rozália & Revoltella, Debora & van der Wielen, Wouter, 2022. "Firm-level policy support during the crisis: So far, so good?," International Economics, Elsevier, vol. 171(C), pages 30-48.
    2. Andrea Bacilieri & Pablo Austudillo-Estevez, 2023. "Reconstructing firm-level input-output networks from partial information," Papers 2304.00081, arXiv.org.
    3. Mungo, Luca & Lafond, François & Astudillo-Estévez, Pablo & Farmer, J. Doyne, 2023. "Reconstructing production networks using machine learning," Journal of Economic Dynamics and Control, Elsevier, vol. 148(C).

    More about this item

    Keywords

    agent-based modelling; bankruptcy; Covid-19; credit guarantees; financial stability; firm dynamics; firm-level data; input-output analysis; network analysis; short-time working schemes;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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