Equations vs. maps: complexity, equilibrium, disequilibrium. What does “equilibrium” mean in economics? Why is complexity often associated with disequilibrium? I address these in a book chapter, prepared for the forthcoming “The Economy As An Evolving Complex System: Part IV” 1/7

RT @AndreaRoventini: The call for paper for the 4th Agent-Based Modelling for Policy (ABM4Policy) workshop is finally out! The workshop is….

RT @arifosch: Preprint Alert!🔊.Floods do not sink prices, historical memory does: How flood risk impacts the Italian housing market☔️. http….

RT @m_starnini: Hiring a postdoc in higher-order social dynamics: we will be doing models AND experiments (!). 36k/year renewable up to 3 y….

RT @arthurturrell: There's lots of chat about how AI could help public services be delivered more efficiently right now—& I've got a new pr….

RT @andreasantor0: Excited to be one of the #MSCA awardees! I'll continue my work at @CentaiInstitute in Turin with @NPLab_ and @lordgrilo….

Please get in touch with us if you are thinking about a PhD or postdoc and are interested in these topics. Apply at. 𝘗𝘰𝘴𝘵𝘥𝘰𝘤 -> . 𝘗𝘩𝘋 -> 8/8.

Finally, we will (i) model the impact of specific floods, such as the September 2024 "Storm Boris" floods, and (ii) test policy mixes that take advantage of the joint focus on household heterogeneity and supply chain resilience. 7/8.

We will also do substantial data work, that could be interesting by itself. More specifically, we will build spatially-explicit synthetic populations; reconstruct production networks across firms; use catastrophe modeling to estimate physical risks of floods across space. 6/8.

We will also look at impacts on small firms through improving modeling of transportation, pricing and input substitutability, taking into account the characteristics of households that work within these firms. 5/8.

For instance, we will consider the contributions to production of workers with different skills, so that we can evaluate the effects of disaster-driven displacement -- a key impact on well-being -- across the household distribution and on the economy as a whole. 4/8.

We will improve the realism of these models to better understand the impacts on individuals, households and firms at a more detailed level. 3/8.

We will start from our agent-based models on the economic impact of the Covid-19 pandemic ( , and adapt them to focus on natural disasters, mostly floods. 2/8.

DISADIST-ABM: 📢Open positions. With @AnToniPichler and @RMaria_drc, we got a grant to model the well-being impacts of natural disasters beyond standard economic measures. We are looking for a 3-year PhD student and 2-year postdoc, deadline 15/01. More info 👇.1/8

Do join this conference, highly recommended!.

Looking forward to being there!.

RT @gianlucapallant: How to tackle the robust-yet-fragile nature of financial networks? . A new paper with @AndreaRoventini @mnapoletano1 a….

It is my only solo paper, from the last chapter of my PhD thesis. Happy to publish it in the JEBO special issue on complexity economics that I’m co-editing (all editor papers went through the editor-in-chief of the journal to avoid conflicts of interest).

This is not the first paper having this idea, but it is the first that quantitatively tests the synchronization hypothesis. It also provides an eigenvalue-eigenvector decomposition that helps understand how synchronization and shocks interact through the trade network.

The empirical level of comovement can only be matched by a combination of exogenous shocks and endogenous cycles. Shocks alone cannot generate enough comovement, as is well-known in international macroeconomics. Thus, business cycles are at least in part endogenous.

If business cycles are exogenous, economies live in stable steady states and positive correlation of economic activity ("co-movement") comes from shock propagation. If they are endogenous, co-movement comes from synchronization of non-linear dynamics through trade linkages.