This paper reports first results and analysis from an accurate agent-based model of a contemporary financial exchange populated by automated trading systems that use a combination of real-time machine learning and longer-term optimization methods in an. attempt to continuously improve their...

This paper reports results and analysis from simulation experiments in which a population of adaptive automated traders compete with one another and co-evolve their trading behaviors on a high-fidelity model of a contemporary electronic financial exchange. The automated traders are all using the...

The research presented in this Technical Report investigates how large language models (LLMs), through their extensive training and transcend linguistic capabilities, emerge as reservoirs of a vast array of human experiences, behaviours, and emotions. Building upon prior work of the JRC on...

The economic shocks that followed the COVID-19 pandemic have brought to light the difficulty, both for academics and policy makers, of describing and predicting the dynamics of inflation. This paper offers an alternative modelling approach. We study the 2020-2023 period within the well-studied...

This paper is motivated by the global housing affordability crisis. Housing shortages in monetary economies are defined by affordability, which is the balance between money (income and borrowing) to access housing and the price (purchase prices and rents) that provides access. This balance is...