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B. Rengs, M. Scholz-Wäckerle:
"A Computational Agent-Based Simulation of an Artificial Monetary Union for Dynamic Comparative Institutional Analysis";
Talk: 26th Annual EAEPE Conference, Nicosia, Zypern; 2014-11-06 - 2014-11-08.

We present a highly stylized agent-based
computational model (ABM) of an artificial economic and
monetary union. Contrary to other current macroeconomic
ABMs, it focuses on the relations/consequences of creditfinanced,
high-leveraged economies, conspicuous consumption
within and across borders and a monetary and economic union of
individual countries. The model includes a number of boundedly
rational agents of the following types: a central bank, states &
governments, banks, firms and households. In summary, it
enables simulations of interacting political economies within a
monetary union, entailing complex interactions and
interdependencies between centralized governments/central
banks and decentralized markets for goods (regular and status),
labor, loans as well as bonds from the bottom up. Through its
modular structure, we are able to apply dynamic comparative
institutional analysis by investigating medium and long-run
economic effects.