Michael Neugart

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We develop an agent-based macroeconomic model featuring a distinct geographical dimension and heterogeneous workers with respect to skill types. The model, which will become part of a larger simulation platform for European policymaking (EURACE), allows us to conduct ex-ante evaluations of a wide range of public policy measures and their interaction. In(More)
Agent-based simulation models are a relatively new addition to the tool-box of macroeconomists. In this chapter we introduce the Eurace@Unibi model and the research that has been done within this framework. We show how an agent-based model can be used to identify economic mechanisms and how it can be applied to spatial policy analysis. Our assessment is(More)
We study the impact of the 1918 influenza pandemic on economic performance in Sweden. The pandemic was one of the severest and deadliest pandemics in human history, but it has hitherto received only scant attention in the economic literature – despite important implications for modern-day pandemics. In this paper, we exploit seemingly exogenous variation in(More)
2 Main Features and Overall Structure 4 2.1 Overall Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2.2 Timing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2.3 Decision Making . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2.4 Heterogeneity and(More)
We report results of economic policy experiments carried out in the framework of the EURACE agent-based macroeconomic model featuring a distinct geographical dimension and heterogeneous workers with respect to skill types. Using a calibrated model able to replicate a range of stylized facts of goods and labor markets, it is examined in how far effects(More)
The matching function has become a popular tool in labor economics. It relates job creation – a flow variable – to two stock variables: vacancies and job searchers. In most studies the matching function is exogenous and assumed to fulfill certain properties. This study looks at the properties of an endogenous matching function. For that purpose we program(More)
Enrolment rates to higher education reveal quite large variation over time which cannot be explained by productivity shocks alone. We develop a human capital investment model in an overlapping generations framework that features endogenous fluctuations in the demand for education. Agents are heterogeneous in their beliefs about future wage differentials. An(More)
We review the literature on agent-based labor market models by tracing its roots to the microsimulation literature, and surveying a selection of contributions made since the work by Bergmann (1974) and Eliasson (1976). Agent-based models have been applied to explain stylized facts of labor markets as well as for labor market policy evaluations. They also(More)
Regions within the European Union differ substantially not only with respect to per capita GDP, but also with respect to income inequality within the regions. This paper studies the effects of different types of technology-oriented cohesion policies, aiming at the reduction of regional differences, on the convergence of regions and the dynamics of income(More)
We report results of economic policy experiments carried out in the framework of the EURACE agent-based macroeconomic model featuring a distinct geographical dimension and heterogeneous workers with respect to skill types. Using a calibrated model able to replicate a range of stylized facts of goods and labor markets, it is examined in how far effects(More)