Interactive Economics Model Simulations
The best way to learn an economic model is through experimentation. With this in mind, I have constructed web-based simulation tools that allow users to easily create their own simulations. For each simulation, the user chooses parameter values for the simulation and other simulation-specific settings.
- Solow model. Construct transition paths toward a steady state in response to changes in model parameters.
- AR(1) model. Simulate a stochastic process that is autoregressive of order 1.
- New Keynesian model. Simulate the new Keynesian model of the business cycle under alternative rules for monetary policy.
- Centralized RBC model. Simulate a centralized RBC business cycle model.
- DMP model. Simulate the Diamond-Mortensen-Pissarides model of unemployment.
The simulation results can be downloaded in image format (PNG, JPEG, PDF, SVG) and/or spreadsheet (CSV, XLS) by clicking the link in the top right corner of each graph. Furthermore, the value of a particular data point in a graph is revealed by hovering the mouse pointer over the plotted series. With so many options, these tools are excellent resources on which to base assignments for students at the intermediate- and advanced-level.