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Jamel, a Java Agent-based MacroEconomic Laboratory

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  • Pascal Seppecher

    (CEMAFI - Centre d'Etudes en Macroéconomie et Finance Internationale - UNS - Université Nice Sophia Antipolis (1965 - 2019), GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

This paper presents a computational macroeconomic model which closely associates Keynesian thinking and an agent-based approach. This model is original because we do not introduce any causality between macroeconomic variables. Instead of postulate macroeconomic properties, we want to understand them by the methodic reconstruction of the conditions of their emergence, starting from their most elementary foundations: the interactions between individual agents. This model is the model of a dynamic out-of-equilibrium economy composed of two principal sets of agents (firms and households) associated with two main functions (production and consumption). The agents are not representative agents or aggregates but autonomous individuals in direct and indirect interactions, each of them pursuing its own purposes, acting according to their individual state and their local environment, without worrying about the general equilibrium of the system and without any overriding control.

Suggested Citation

  • Pascal Seppecher, 2012. "Jamel, a Java Agent-based MacroEconomic Laboratory," Working Papers halshs-00697225, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00697225
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00697225
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    References listed on IDEAS

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    1. Marc Lavoie & Wynne Godley, 2012. "Kaleckian Models of Growth in a Coherent Stock–Flow Monetary Framework: A Kaldorian View," Palgrave Macmillan Books, in: Marc Lavoie & Gennaro Zezza (ed.), The Stock-Flow Consistent Approach, chapter 6, pages 123-156, Palgrave Macmillan.
    2. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115, November.
    3. Joan Robinson, 1962. "Essays in the Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00626-7.
    4. Gintis Herbert, 2006. "The Emergence of a Price System from Decentralized Bilateral Exchange," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 6(1), pages 1-17, December.
    5. Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914, December.
    6. Pascal Seppecher, 2009. "Un modèle macroéconomique multi-agents avec monnaie endogène," Working Papers halshs-00370716, HAL.
    7. Dumenil, Gerard & Levy, Dominique, 1987. "The Dynamics of Competition: A Restoration of the Classical Analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 11(2), pages 133-164, June.
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    Cited by:

    1. Luzius Meisser & C. Friedrich Kreuser, 2017. "An Agent-Based Simulation of the Stolper–Samuelson Effect," Computational Economics, Springer;Society for Computational Economics, vol. 50(4), pages 533-547, December.
    2. Seppecher, Pascal, 2014. "Pour une macroéconomie monétaire dynamique et complexe," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 16.
    3. Pascal Seppecher & Isabelle Salle & Dany Lang, 2019. "Is the market really a good teacher?," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 299-335, March.

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    Keywords

    Agent-based computational economics; Heterogeneous agents; Endogenous money; Monetary macroeconomics; Bounded rationality;
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