Network-based Macroeconomics
Date
2016
Authors
Pudiyadath Veetil, Vipin
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Abstract
This dissertation studies macroeconomic phenomena as emergent outcomes of interactions between microeconomic agents through a production network. The first chapter reformulates Schumpeter’s theory of macroeconomic turbulence. The second chapter studies the effects of monetary shocks on the distribution of prices. It presents an agent-based computational model of dynamics on a production network. The third chapter argues for a “New Austrian Macroeconomics”, which is the old Austrian insight that macroeconomic variables are emergent outcomes of micro interactions, studied through formal methods and open to empirical investigation. The fourth chapter discusses the question of monetary stabilization in a network economy, in which governments cannot directly act upon aggregate variables.
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Keywords
Economics, Agent-Based Modeling, Bottom-up Macroeconomics, Business Cycles, Macroeconomics, Networks