2024/09 | LEM Working Paper Series | ||||||||||||||||
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The DSK-SFC stock-flow consistent agent-based integrated assessment model |
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Severin Reissl, Luca E. Fierro, Francesco Lamperti and Andrea Roventini |
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Keywords | |||||||||||||||||
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Climate change; Agent-based models; Integrated assessment
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JEL Classifications | |||||||||||||||||
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E70, C63, Q50, Q54
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Abstract | |||||||||||||||||
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We present an updated, stock-flow consistent version of the 'Dystopian
Schumpeter meeting Keynes' agent-based integrated assessment model. By
embedding the model in a fully specified accounting system, all
balance sheet items and financial flows can be explicitly and
consistently tracked throughout a simulation. This allows for an
improved analysis of climate change and climate policy scenarios in
terms of their systemic implications for agent and sector-level
balance sheet dynamics and financial stability. We provide an
extensive description of the updated model, representing the most
detailed outline of a model from the well-established 'Keynes +
Schumpeter' family available to date. Following a discussion of
calibration and validation, we present a range of example scenarios.
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