Abstract
We developed an agent-based model of an artificial economic system that includes government, and we analyzed the influences of public policies on GDP and the related emergent behavior of macroeconomic phenomena. It was revealed that GDP increases with an increase in the ratio of efficient expenditure policy, such as that pertaining to market purchasing. The average price increases (decreases) as GDP increases (decreases), and the influence of tax rate on GDP, depend on the nature of public spending. Most estimation results are found to be quite consistent with real data if it is assumed that public spending includes an inefficiency exceeding 10%.
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Ogibayashi, S., Takashima, K. (2013). Influence of Government Expenditure Policies and Tax Rate on GDP in an Agent-Based Artificial Economic System. In: Murata, T., Terano, T., Takahashi, S. (eds) Agent-Based Approaches in Economic and Social Complex Systems VII. Agent-Based Social Systems, vol 10. Springer, Tokyo. https://doi.org/10.1007/978-4-431-54279-7_11
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DOI: https://doi.org/10.1007/978-4-431-54279-7_11
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