How do interest rate changes propagate through an economy of heterogeneous households and firms with different balance sheets, credit access, and expectations -- and why does this transmission break down at the zero lower bound?
Agent-based models · Sources
Primary papers, model variants, source notes, and review signals behind the Monetary Policy ABM page.
First-party releases, central-bank materials, official statistical agencies, and institutional documents.
[S1] Bank of England
Haldane and Turrell (2018) -- Bank of England manifesto for ABMs in central banking; argues ABMs complement DSGE for monetary analysis
Primary - Bank of England
Reference material used for orientation; read primary and academic sources first when claims conflict.
[S2] Reference
Dosi et al. (2015) -- fiscal and monetary policies in complex evolving economies; foundational macro ABM with Taylor-rule central bank
Reference
[S3] Reference
Poledna et al. (2023) -- calibrated monetary policy ABM for Austria with input-output linkages and distributional output
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[S4] Reference
Dawid et al. (2018) -- Eurace monetary module with interbank market, heterogeneous banks, and multi-instrument central bank
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[S5] Reference
Seppecher, Salle, and Lang (2019) -- clean ABM isolating the monetary transmission channel with minimal structural assumptions
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[S6] Reference
Assenza et al. (2015) -- heterogeneous expectations and monetary policy; shows forward guidance puzzle arises naturally from expectation heterogeneity
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