We discuss the impact of a COVID-like shock on a simple toy economy, described by the Mark-0 Agent-Based Model that we developed and discussed in a series of previous papers. We consider a mixed supply and demand shock, and show that depending on the shock parameters (amplitude and duration),...

Which level of inflation should Central Banks be targeting? The authors investigate this issue in the context of a simplified Agent Based Model of the economy. Depending on the value of the parameters that describe the micro-behaviour of agents (in particular inflation anticipations), they find...

Which level of inflation should Central Banks be targeting? The authors investigate this issue in the context of a simplified Agent Based Model of the economy. Depending on the value of the parameters that describe the behaviour of agents (in particular inflation anticipations), they find a rich...

We generalise the stylised macroeconomic Agent-Based model introduced in our previous paper ("Tipping points in macroeconomic agent-based models", JEDC 50 29–61 2015), with the aim of investigating the role and efficacy of monetary policy of a "Central Bank", that sets the interest rate such...

Which level of inflation should Central Banks be targeting? We investigate this issue in the contextof a simplified Agent Based Model of the economy. Depending on the value of the parameters thatdescribe the behaviour of agents (in particular inflation anticipations), we find a rich variety...

The aim of this work is to explore the possible types of phenomena that simple macroeconomic Agent-Based models (ABM) can reproduce. We propose a methodology, inspired by statistical physics, that characterizes a model through its "phase diagram'' in the space of parameters. Our first motivation...

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...