naa a22 4500 51072891X CHVBK 20180411082945.0 cr unu---uuuuu 180411e20130401xx s 000 0 eng 10.1007/s11403-012-0100-y doi (NATIONALLICENCE)springer-10.1007/s11403-012-0100-y Agent-based financial markets and New Keynesian macroeconomics: a synthesis [Elektronische Daten] [Matthias Lengnick, Hans-Werner Wohltmann] We combine a simple agent-based model of financial markets and a New Keynesian macroeconomic model with bounded rationality via two straightforward channels. The result is a macroeconomic model that allows for the endogenous development of business cycles and stock price bubbles. We show that market sentiments exert important influence on the macroeconomy: Impulse-response functions of macroeconomic variables become more volatile which makes the effect of a given shock hard to predict. We also analyze the impact of different types of financial transaction taxes that are currently debated among policy makers (FTT, FAT, progressive FAT) and find that such taxes are well suited to stabilize the economy and raise funds from the financial sector as a contribution to the enormous costs created during the recent crisis. Our simulations suggest that the FTT leads to higher tax revenues and better stabilization results then the FAT. However, the FTT might also create huge distortion if set too high, a threat which the FAT does not imply. Springer-Verlag, 2012 Agent-based modeling nationallicence Stock market nationallicence New Keynesian macroeconomics nationallicence Financial transaction tax nationallicence Financial activities tax nationallicence Lengnick Matthias Department of Economics, University of Kiel, Olshausenstraße 40, 24118, Kiel, Germany aut Wohltmann Hans-Werner Department of Economics, University of Kiel, Olshausenstraße 40, 24118, Kiel, Germany aut Journal of Economic Interaction and Coordination Springer-Verlag 8/1(2013-04-01), 1-32 1860-711X 8:1<1 2013 8 11403 https://doi.org/10.1007/s11403-012-0100-y text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11403-012-0100-y text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Lengnick Matthias Department of Economics, University of Kiel, Olshausenstraße 40, 24118, Kiel, Germany aut NATIONALLICENCE 700 1- Wohltmann Hans-Werner Department of Economics, University of Kiel, Olshausenstraße 40, 24118, Kiel, Germany aut NATIONALLICENCE 773 0- Journal of Economic Interaction and Coordination Springer-Verlag 8/1(2013-04-01), 1-32 1860-711X 8:1<1 2013 8 11403 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer