BoE paper tests agent-based model of macro-prudential policy
Researchers use agent-based model to capture diversity of behaviour
Agent-based modelling may be able to offer a more realistic picture of the way macro-prudential policies affect the housing market, according to a staff working paper published on October 7 by the Bank of England.
Researchers from the University of Oxford and BoE collaborated on the study, Macroprudential policy in an agent-based model of the UK housing market. They replace the single rational agent typically found in other models with agents reflecting renters, first-time buyers, owner
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