Abstract for: Start Macro Modeling with a MacroLab Template

Want to get started with macroeconomic modeling? Or, just curious about what’s involved? If you teach economics or do economic research, or if you’re an armchair economist who likes to tinker with models, there is something in this workshop for you. You get a free 30-day version of Stella Architect plus the MacroLab Template model. During the workshop, guided instruction will help you use the template to jumpstart your macro modeling experience. And if you prefer to work with a partner, that’s fine. We hope the experience also has a ‘train the trainer’ effect and helps some of you teach others how to get started. While the workshop activities focus on building a simple model, a concluding demonstration of model extensions may be of interest to experts who are curious about how MacroLab handles multi-industry and multi-household structures, ensures stock-flow consistency, and links the financial sector with firms, households, and government. The workshop will be conducted by a team of three experienced modelers. The template is a by-product of more than two decades of teaching macroeconomics and monetary policy with MacroLab and, more recently, developing system dynamics models for economic policy analysis in a few Eastern European countries. The workshop is divided into two 90-minute sessions, and the second session is a continuation of the first session.