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G. Hanappi, B. Rengs, M. Scholz-Wäckerle:
"Simulating a small monetary union between artificial economies from the bottom up";
Vortrag: WEHIA 2013, Rejkjavik; 20.06.2013 - 22.06.2013; in: "Proceedings of the 18th Annual Workshop on the Economic Science with Heterogeneous Interacting Agents", (2013), 7 S.

The proposed paper investigates preliminary simulation results of a multi-agent model with interconnected economies in a small artificial monetary union. We refer to intra-country activities in a good, labour and credit market and inter-country activities with regards to export/import and interbanking. The crucial point of this model is given by its political economy character. We implement three different ruling classes of a modern capitalist economy: firm-, bank and state-owners. Otherwise labour households are employed by capitalist institutions such as firms, banks and states. Expected profit rates and endogenously changing interest rates drive the accumulation process and represent the crucial variables for the evolving system, since risk becomes a systemic issue. In our upcoming simulation experiments we aim for an analysis of political interests and resulting conflicts between industrial and financial capital which destabilize the monetary union over time. The final paper will elaborate on aspects of agent-based macroeconomic models, which still represent niches in the current literature. We derive an interconnected multi-country system representing an artificial monetary union bottom-up, addressing prototypic within and between interbanking as well as export/import relations. We account for current conflicts within three capital ruling classes (firm-owners, bank-owners and state-owners) and between capital and labour. Insofar we highlight the different role models of agents in action in modern globalized political economies. Our model highlights the interactive dimension of a multi-agent macroeconomic system, with respect to social learning within and between rule populations on the meso level of institutional change.

Projektleitung Gerhard Hanappi:
Systemrisiko, Finanzkrise und Kredit - die Wurzeln, Dynamiken und Konsequenzen der Subprime-Krise