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Data-driven agent-based modeling of the Hungarian housing market
The Central Bank of Hungary developed a complex, modular, 1:1 scale, agent-based model of the Hungarian residential housing market, where all the 4 million households and their relevant characteristics are represented based on empirical micro‐level data. The model features transactions in the housing and rental markets, a construction sector, buy‐to‐let investors, housing loans, house price dynamics and a procyclical banking sector regulated by a macroprudential authority. After a brief elaboration of the features of this model, the talk will cover four applications:
- Optimal choice of scaling in economic agent-based models: trade-offs between runtime, accuracy, and precision; – Comprehensive evaluation of borrower-based macroprudential policies; – Evaluation of demand- and supply-side policy schemes supporting first-time home buyers; – Interactions between the housing market and the macroeconomic environment using a SVAR extension of the ABM framework.
About the speaker:
András Borsos is an economist at the Applied Research Department of the Central Bank of Hungary and a researcher at Complexity Science Hub Vienna. He holds a BA degree in finance from Corvinus University Budapest, an MA degree in applied economics from Central European University, and a PhD in network and data science from Central European University. András’s research interests include topics related to production networks, economic resilience, financial stability, and economic agent-based modelling.
Date:
15 May 2023, 14:30
Venue:
Manor Road Building, Manor Road OX1 3UQ
Venue Details:
Seminar Room G and online via Zoom
Speakers:
Speaker to be announced
Organising department:
Institute for New Economic Thinking
Organisers:
Dorothy Nicholas (INET Oxford),
Francois Lafond (INET Oxford)
Organiser contact email address:
complexity@inet.ox.ac.uk
Host:
Prof. Doyne Farmer
Part of:
INET Complexity Economics Seminars
Booking required?:
Required
Booking url:
https://www.inet.ox.ac.uk/events/data-driven-agent-based-modeling-hungarian-housing-market/
Audience:
Public
Editors:
Susan Mousley,
Dorothy Nicholas
