Abstract

Over the past decade, agent-based models (ABMs) have become increasingly popular analytical tools at economic policy institutions. In this chapter, we document this trend by surveying the ABM-relevant research and policy outputs of twenty-four central banks and seven further related institutions. We present these studies and reports divided into three main categories: applied research connected to the mandates of central banks; technical and methodological research supporting the advancement of ABMs; and examples of the deployment of ABMs for policy work. Our findings indicate that ABMs have emerged as effective complementary tools for central banks to fulfill their tasks, especially after the extension of their mandates following the global financial crisis of 2007–2009. While acknowledging that substantial room for improvement remains, we argue that integrating ABMs into the analytical frameworks of central banks can support more effective policy responses to emerging economic challenges, including those posed by the COVID-19 pandemic, digital currencies, or climate change.

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Poledna, S., M. G. Miess, C. Hommes, and K. Rabitsch. 2023. “Economic Forecasting with an Agent-Based Model.” European Economic Review 151: 104306. https://doi.org/10.1016/j.euroecorev.2022.104306.

Poledna, S., J. L. Molina-Borboa, S. Martinez-Jaramillo, M. van der Leij, and S. Thurner. 2015. “The Multi-Layer Network Nature of Systemic Risk and Its Implications for the Costs of Financial Crises.” Journal of Financial Stability 20: 70–81. https://doi.org/10.1016/j.jfs.2015.08.001.

Ponomarenko, A., and A. Sinyakov. 2018. “Impact of Banking Supervision on Banking System Structure: Conclusion from Agent-Based Modelling.” Russian Journal of Money and Finance 77 (1): 26–50. https://doi.org/10.31477/rjmf.201801.26.

Popoyan, L., M. Napoletano, and A. Roventini. 2017. “Taming Macroeconomic Instability: Monetary and Macro-prudential Policy Interactions in an Agent-Based Model.” Journal of Economic Behavior & Organization 134: 117–40. https://doi.org/10.1016/j.jebo.2016.12.017.

Roncoroni, A., S. Battiston, M. D’Errico, G. Hałaj, and C. Kok. 2021a. “Interconnected Banks and Systemically Important Exposures.” Journal of Economic Dynamics and Control 104266. https://doi.org/10.1016/j.jedc.2021.104266.

If you want these merged alphabetically into your full bibliography or checked for consistency across all entries, I can do that too!

Here is your cleaned and standardized Chicago Manual of Style (CMOS) bibliography-style list.

References (CMOS Style)

Roncoroni, A., S. Battiston, L. O. Escobar-Farfán, and S. Martinez-Jaramillo. 2021b. “Climate Risk and Financial Stability in the Network of Banks and Investment Funds.” Journal of Financial Stability 54: 100870. https://doi.org/10.1016/j.jfs.2021.100870.

Siebenbrunner, C., M. Hafner-Guth, R. Spitzer, and S. Trappl. 2024. “Assessing the Systemic Risk Impact of Bank Bail-ins.” Journal of Financial Stability 71: 101229. https://doi.org/10.1016/j.jfs.2024.101229.

Silva, T. C., M. A. da Silva, and B. M. Tabak. 2017. “Systemic Risk in Financial Systems: A Feedback Approach.” Journal of Economic Behavior & Organization 144: 97–120. https://doi.org/10.1016/j.jebo.2017.09.013.

———. 2018. “Bank Lending and Systemic Risk: A Financial–Real Sector Network Approach with Feedback.” Journal of Financial Stability 38: 98–118. https://doi.org/10.1016/j.jfs.2017.08.006.

Silva, T. C., S. M. Guerra, M. A. da Silva, and B. M. Tabak. 2020. “Microlevel Transmission of Monetary Policy Shocks: The Trading Book Channel.” Journal of Economic Behavior & Organization 179: 279–98. https://doi.org/10.1016/j.jebo.2020.09.013.

Stangl, J., A. Borsos, C. Diem, T. Reisch, and S. Thurner. 2024. “Firm-Level Supply Chains to Minimize Unemployment and Economic Losses in Rapid Decarbonization Scenarios.” Nature Sustainability, 1–9. https://doi.org/10.1038/s41893-024-01321-x.

Sydow, M., A. Schilte, G. Covi, M. Deipenbrock, L. Del Vecchio, P. Fiedor, G. Fukker, et al. 2024. “Shock Amplification in an Interconnected Financial System of Banks and Investment Funds.” Journal of Financial Stability 71: 101234. https://doi.org/10.1016/j.jfs.2024.101234.

Tompaidis, S. 2017. Measuring Systemwide Resilience of Central Counterparties. Technical report. Office of Financial Research, U.S. Department of the Treasury.

Trichet, J.-C. 2010. Reflections on the Nature of Monetary Policy, Non-Standard Measures, and Finance Theory. Speech given as the opening address at the ECB Central Banking Conference, Frankfurt, November 18.

———. 2011. “Intellectual Challenges to Financial Stability Analysis in the Era of Macroprudential Oversight.” Banque de France Financial Stability Review, no. 15: 139–49.

If you want these merged into your full bibliography or alphabetized across the entire set, just let me know!

Here is your cleaned and standardized Chicago Manual of Style (CMOS) bibliography-style list.
I treat the leading em-dash entry (“. 2013”) as a repeated author from the immediately preceding Trichet references.

References (CMOS Style)

———. 2013. “Unconventional Monetary Policy Measures: Principles–Conditions–Raison d’Être.” International Journal of Central Banking 9 (1): 229–50. https://doi.org/10.2139/ssrn.2221569.

Turrell, A. 2016. Agent-Based Models: Understanding the Economy from the Bottom Up. Quarterly Bulletin Q4. Bank of England.

Wolski, M., and M. van de Leur. 2016. Interbank Loans, Collateral and Modern Monetary Policy. Working Paper 1959. European Central Bank.

Yanquen, E., G. Livan, R. Montañez-Enriquez, and S. Martinez-Jaramillo. 2022. “Measuring Systemic Risk for Bank Credit Networks: A Multilayer Approach.” Latin American Journal of Central Banking 3 (2): 100049. https://doi.org/10.1016/j.latcb.2022.100049.

Zemaityte, G., E. Hughes, and K. Blood. 2023. “The Buy-to-Let Sector and Financial Stability.” Bank of England Quarterly Bulletin.

If you’d like this inserted into your full reference list or alphabetized across all entries, feel free to send the full set!

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