Jamel: Java Agent-based MacroEconomic Laboratory
Jamel (Java Agent-based Macro-Economic Laboratory) is an open source agent-based framework dedicated to the modeling, the simulation and the analysis of complex monetary economies. It is developped by Dr. P. Seppecher (CEPN, University of Paris 13, France) and Dr. I. Salle (Utrecht University, School of Economics, The Netherlands).
The latest version of Jamel (20160509) is available as a downloadable application. It contains the companion baseline simulation of the paper "Is the market really a good teacher? Market selection, collective adaptation and financial instability" (2016).
Forthcoming in Industrial and Corporate Change, pre-print version available on <RePEc> :
What drives markups?
Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model
Pascal Seppecher, Isabelle Salle, Marc Lavoie
Tuesday 31st January, 2017
Abstract: This paper studies coordination between firms in a multi-sectoral macroeconomic model with endogenous business cycles. Firms are both in competition and interdependent, and set their prices with a markup over unit costs. Markups are heterogeneous and evolve under market pressure. We observe a systematic coordination within firms in each sector, and between each sector. The resulting pattern of relative prices are consistent with the labor theory of value. Those emerging features are robust to technology shocks.
Keywords: General interdependence, Pricing, Agent-based modeling, Learning.
JEL classification codes: C63, D46, E12, L11, L16.Slides (AFEP 2017)
Is the market really a good teacher?
Market selection, collective adaptation