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A GDP fluctuation model based on interacting firms

Author

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  • Li, Honggang
  • Gao, Yan

Abstract

A distinctive feature of the market economies is the short-run fluctuations in output around the trend of long-run growth over time, and we regard this feature is internal to complex economic systems composed of interacting heterogeneous units. To explore such internal mechanisms of macroeconomic fluctuations, we present a multi-agent Keynesian theory-based model, which can provide a good approximation to the key empirical features of the western business cycles in the 20th Century, such as the structure of the autocorrelation function of overall output growth, correlations between the output growth of individual agents over time, the distribution of recessions, etc.

Suggested Citation

  • Li, Honggang & Gao, Yan, 2008. "A GDP fluctuation model based on interacting firms," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(21), pages 5225-5230.
    • Handle: RePEc:eee:phsmap:v:387:y:2008:i:21:p:5225-5230
    DOI: 10.1016/j.physa.2008.05.016
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    Cited by:

    1. Chu, Zhuang & Yang, Biao & Ha, Chang Yong & Ahn, Kwangwon, 2018. "Modeling GDP fluctuations with agent-based model," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 503(C), pages 572-581.
    2. Argentiero, Amedeo & Bovi, Maurizio & Cerqueti, Roy, 2016. "Bayesian estimation and entropy for economic dynamic stochastic models: An exploration of overconsumption," Chaos, Solitons & Fractals, Elsevier, vol. 88(C), pages 143-157.

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