This model performs Monte Carlo trials on a macroeconomic model of a national economy and reports statistical moments of key variables.
The macroeconomic model and the Monte Carlo simulation are contained in the spreadsheet. Nothing else is needed.
This model helps you model:
- Monte Carlo trials
- Production: labor, capital, output
- Income, consumption, savings
- Prices and money supply
- Cycles: inventory and& unemployment
- Random shocks to demand & output
You can change the behavior of the economy by changing the values of over 30 numerical parameters in the model.
This model demonstrates how to solve a dynamic system containing random effects. Its methods apply to similar models outside of macroeconomics.
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Your purchase entitles you to customize and download your workbook three times, so you can to edit your model, correct any errors, and include features you may have declined.