Discover how economists' assumptions shape economic models, affecting predictions about consumer behavior, resource ...

The macro economy, like the global climate, is a complex system (highly nonlinear and buffeted by random shocks) that defies attempts to model it and predict its future path. The challenge of ...

Decentralized finance (DeFi) has emerged as the flagship concept and use case for blockchain technology and cryptocurrency. DeFi is the use of smart contracts and other decentralized technologies to ...

Agent-based modelling (ABM) has emerged as a pivotal tool in macroeconomics and economic policy analysis. By simulating the interactions of numerous heterogeneous agents — such as households, firms, ...

Central banks and other policy institutions have a long history of using macroeconomic models to help prepare forecasts and to quantify the economic consequences of various policies. Likewise, private ...

The National Academies will convene a workshop to improve understanding of the relationships between the macroeconomy and climate change and climate-related impacts. The workshop will consider ...

Economic Model Predictive Control (EMPC) represents an evolution of traditional control strategies, where the primary objective is to directly optimise an economic cost function rather than merely ...

Financial crises occur out of prolonged and credit-fueled boom periods and, at times, they are initiated by relatively small shocks that can have large effects. Consistent with these empirical ...

Economists have an imaginary person they call a “representative agent,” who is about as realistic as the Easter bunny or the Abominable Snowman. The representative agent is supposed to stand in for ...

Hierarchical decision making is a multidimensional process involving management of multiple objectives (with associated metrics and tradeoffs in terms of costs, benefits, and risks), which span ...

It seems like we have a sustained tangent in the “domestic consequences” thread, about modern monetary theory (MMT) and why it is good, or bad. I contributed to the tangent, but (as I was hopefully ...