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Towards a New Austrian Macroeconomics
Published in Springer New York LLC
Volume: 30
Issue: 1
Pages: 19 - 38
Austrian macroeconomists of the interwar period saw the economy as a complex adaptive system, in which macroeconomic variables emerge from the interaction between millions of purposefully acting agents. Recent advances in computation technology allow us to build empirically salient synthetic economies in silico, and thereby formalize many Austrian insights. We present a workhorse model with firms on an input-output network. Macroeconomic variables evolve through the interaction between micro-economic decisions. We use the model to explain an effect of monetary shocks on the price distribution and provide a sketch of other potential applications. © 2016, Springer Science+Business Media New York.
About the journal
JournalData powered by TypesetReview of Austrian Economics
PublisherData powered by TypesetSpringer New York LLC
Open AccessNo