WIPOSIM – The economic policy online simulator
(10/2019 – 09/2021)
The project is managed by Prof. Dr. Eckhard Hein (HWR Berlin) and Prof. Dr. Achim Truger (University of Duisburg-Essen). Research fellows: Dr. Alessandro Bramucci (HWR Berlin), Franz Prante (HWR Berlin, University of Duisburg-Essen).
Funded by the Hans Böckler Foundation.
The paradigm-oriented economic policy simulator and the accompanying online book provide orientation opportunities for a new generation of macroeconomists, policy-makers and trade unionists and contributes to the opening of the scientific and economic policy discussion.
The aim of the project is to extend a previously developed interactive macroeconomic simulator and the accompanying online book. The effects of major economic policy measures will be transparently analysed in the context of modern macroeconomic models emanating from different theoretical schools. Current economic policy problems will be interactively examined from different perspectives making the theoretical backgrounds of the different economic policy strategies transparent and directly learnable in the classroom setting, as well as in the social/trade union education.
The simulator relies on the method of scenario analysis. The economic modelling makes use of structural models based on behavioural equations and identities. In some models and scenarios, particular attention will be paid to the consistency of stock and flow interactions. The models are then simulated numerically, where individual parameters and variables can be interactively adjusted according to the exercise of interest. In addition to simple didactical models, more advanced simulations will be available, which will be calibrated in order to represent the stylised characteristics of real economies.