In this paper a macroeconometric disequilibrium model for West Germany is presented and its quality for policy simulations and forecasting are analyzed using stochastic in-sample simulations. The model is built on a dynamic disequilibrium model of firms' behaviour. Due to delayed adjustment of...

This paper attempts to evaluate economic effects of migration into Germany on the basis of a macroeconometric disequilibrium model. Germany has the advantage of having experience with migratory movements of guestworkers. There was a tremendous infiow of those workers in the sixties as well as an...

The assessment of models of financial market behavior requires evaluation tools. When complexity hinders a direct estimation approach, e.g., for agent based microsimulation models or complex multifractal models, simulation based estimators might provide an alternative. In order to apply such...

Different stochastic simulation methods are used in order to check the robustness of the outcome of policy simulations with a macroeconometric model. A macroeconometric disequilibriummodel of the West German economy is used to analyze a reform proposal for the tax system. The model was estimated...

Agent based models of financial markets follow different approaches and might be categorized according to major building blocks used. Such building blocks include agent design, agent evolution, and the price finding mechanism. The performance of agent based models in matching key features of...