英文标题：
《Monetary Policy and Dark Corners in a stylized Agent-Based Model》
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作者：
Stanislao Gualdi, Marco Tarzia, Francesco Zamponi, Jean-Philippe
Bouchaud
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最新提交年份：
2016
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英文摘要：
We extend in a minimal way the stylized model introduced in in \"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 as to steer the economy towards a prescribed inflation and employment level. Our major finding is that provided its policy is not too aggressive (in a sense detailed in the paper) the Central Bank is successful in achieving its goals. However, the existence of different equilibrium states of the economy, separated by phase boundaries (or \"dark corners\"), can cause the monetary policy itself to trigger instabilities and be counter-productive. In other words, the Central Bank must navigate in a narrow window: too little is not enough, too much leads to instabilities and wildly oscillating economies. This conclusion strongly contrasts with the prediction of DSGE models.
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中文摘要：
我们以最低限度的方式扩展了“基于代理人的宏观经济模型中的临界点”[JEDC 50，29-61（2015）]中引入的程式化模型，目的是调查“中央银行”货币政策的作用和效力，该银行设定利率，以引导经济走向规定的通胀和就业水平。我们的主要发现是，只要央行的政策不太激进（从某种意义上讲，详细内容见本文），央行就能成功实现其目标。然而，经济的不同平衡状态的存在，被阶段边界（或“暗角”）隔开，可能会导致货币政策本身触发不稳定性，并产生反作用。换句话说，央行必须在一个狭窄的窗口中运行：太少是不够的，太多会导致不稳定和经济剧烈波动。这一结论与DSGE模型的预测形成强烈对比。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Physics 物理学
二级分类：Physics and Society 物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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