Abstract for: Using MacroLab to Get Started with Macro Modeling

Welcome to the 7th annual 'Get Started with Macro Modeling' Workshop. Still a 3-hour workshop, we have changed the format to accommodate the two types of typical participants. The first 90 minutes will be devoted to simulation activities that can be done with the online version of MacroLab. The emphasis is on the 'behavior' of the model economy, with just enough structure to set the stage. After the break, the second 90-minutes will be for those wanting to roll up their sleeves, look under the hood, and get their hands dirty building a few sub-models: Production & Sales (where GDP is determined), Wage & Price (where inflation is determined), and Central Bank (where the 'Fed' influences interest rates). Instructions for building all sub-models will be provided to participants in both sessions. In addition, a working version of MacroLab will be provided, as well an equation list for those who use software other than Stella.