Agent-Based Modelling for Policy (ABM4Policy) workshop

Registration and coffee

Welcome and opening remarks

Livio Stracca, ECB

Session 1: monetary policy

CANVAS: A Canadian behavioral agent-based model for monetary policy

Sebastian Poledna*, International Institute for Applied Systems Analysis,
with Cars Hommes, Mario He, Melissa Siqueira and Yang Zhang

Monetary policy and inequality: a heterogenous agents’ approach

Giorgio Ricchiuti*, University of Florence,
with Andrea Boitani and Lorenzo Di Domenico 

Accounting for multiple sources of inflation: an agent-based model investigation

Mauro Napoletano*, Université Côte d'Azur and OFCE-Sciences Po,
with Leonardo Ciambezi, Mattia Guerini and Andrea Roventini

Discussant: Alejandro Van der Ghote, ECB

Coffee break

Session 2: macroprudential policies for financial stability

The impact of prudential regulations on the UK housing market and economy: insights from an agent-based model

Arzu Uluc*, Bank of England,
with Marco Bardoscia, Adrian Carro, Marc Hinterschweiger, Mauro Napoletano, Lilit Popoyan and Andrea Roventini

The devil in the DeTail: assessing state-contingent tail effects of releasable macroprudential capital buffers in a parsimonious agent-based framework

Ana Pereira*, Bank of England,
with Enrico Minnella and Eugen Tereanu

Borrower based measures analysis via a new agent-based model of the Italian real estate sector

Gennaro Catapano*, Banca d'Italia

Discussant: Mara Pirovano, ECB

Social event (by invitation)

Registration and coffee

Session 3-1: macroeconomics and monetary policy 1

Calibrating and forecasting with a macroeconomic agent-based model

José Moran*,Macrocosm and Institute for New Economic Thinking Oxford,
with Samuel Wiese, Jagoda Kaszowska-Mojsa, Joel Dyer, Marco Pangallo, Francois Lafond, John Muellbauer, Anisoara Calinescu and J. Doyne Farmer

Macroprudential and monetary policies to deal with inequality

Alberto Russo*, Università Politecnica delle Marche,
with Samantha Coccia and Mauro Gallegati

The macroeconomic effect of tariffs: insights from a multi-country agent-based model

Alex Crescentini*, International Institute for Applied Systems Analysis,
with Luca E. Fierro, Sebastian Poledna and Yang Zhang

The complex interplay between exchange rate and real markets: an agent-based model exploration

Lilit Popoyan*, Queen Mary University of London,
with Domenico Delli Gatti, Filippo Gusellla, Giorgio Ricchiuti, Tommaso Ferraresi and Andrea Roventini 

Discussant: Hanno Kase, ECB

Session 3-2: climate risks

Taking the green pill: macro-financial transition risks and policy challenges in the MATRIX model

Massimiliano Rizzati*, Fondazione Eni Enrico Mattei and University of Brescia,
with Emanuele Ciola, Enrico Turco, Davide Bazzana and Sergio Vergalli

Carbon pricing drives critical transition to green growth

Isaak Mengesha*, University of Amsterdam, and Debraj Roy

Physical climate risks in complex adaptive economies

Tatiana Filatova*, Delft University of Technology,
with Asli Mutlu, Joos Akkerman, Mikhail Sirenko, and Zac Taylor

Flood risk impact on a mortgage agent-based model

Matteo Valle*, University of Amsterdam,
with Chang Lin, Debraj Roy, Drona Kandhai and Cees Diks 

Discussant: Laura Parisi, ECB

Coffee break

Session 4-1: macroeconomics and monetary policy 2

The monetary-concentration trap: the self-reinforcing dynamics of market power and monetary policy

Enrico Turco*, Universita Cattolica del Sacro Cuore,
with Domenico Delli Gatti, Filippo Gusella and Roberta Terranova 

Forecasting using a Dutch agent-based model with optimally behaving households

Steven Hoekstra*, University of Amsterdam, De Nederlandsche Bank,
with Cars Hommes and Frank Pijpers 

Carry trade in an agent-based stock flow-consistent model

Eugenio Caverzasi*, Universita degli Studi dell’Insubria,
with Ermanno Catullo and Pablo Bortz 

Discussant: Carlos Montes-Galdon, ECB

Session 4-2: Agent-based modelling methodologies

Robust policy design in agent-based simulators using adversarial reinforcement learning

Aldo Glielmo*, Banca d’Italia,
with Akash Agrawal, Joel Dyer and Michael Wooldridge 

Bayesian estimation of a large-scale macroeconomic policy agent-based model

Sylvain Barde*, University of Kent

Enhancing agent-based models with reinforcement learning: insights into macroeconomic dynamics

Jacopo Di Domenico*, University of Macerata,
with Luca Riccetti, Pietro Ragazzini, Luca Romeo, Aldo Glielmo and Michele Catalano

Discussant: Gianluca Pallante, Scuola Superiore Sant’Anna

Lunch break

Session 5: financial stability risks

Robust-less-fragile: tackling systemic risk and financial contagion in a macro agent-based model

Andrea Roventini*, Scuola Superiore Sant’Anna,
with Gianluca Pallante, Mattia Guerini and Mauro Napoletano

Applications of a high-resolution agent-based model of the Hungarian housing market

Bence Mérő*, Magyar Nemzeti Bank,
with András Borsos, Zsuzsanna Hosszú, Zsolt Oláh and Nikolett Vágó

Banks and non-banks stressed: liquidity shocks and the mitigating role of insurance companies

Matthias Sydow*, ECB,
with Gábor Fukker, Tomasz Dubiel-Teleszynski, Fabio Franch, Sébastien Gallet, Helmut Gründl, Stelios Kotronis, Debora Miccio, Michela Pellegrino, Sebastian Schlütter and Matteo Sottocornola

Discussant: Grzegorz Halaj, ECB

Coffee break

In-focus: agent-based modelling at central banks - recent developments and new challenges

Adrian Carro*, Banco de España,
with András Borsos, Aldo Glielmo, Marc Hinterschweiger, Jagoda Kaszowska-Mojsa and Arzu Uluc

Panel discussion: agent-based models for central bank policy analysis: lessons learnt and way forward

• Livio Stracca, ECB
• Yang Zhang, Bank of Canada
• Marc Hinterschweiger, Bank of England
• András Borsos, Magyar Nemzeti Bank
• Marco Gross, International Monetary Fund

Thank you and closing remarks

Carsten Detken, ECB