BeforeIT.jl: High-Performance Agent-Based Macroeconomics Made Easy

TL;DR

BeforeIT.jl is a Julia-based open-source software that enables efficient, user-friendly building and simulation of macroeconomic agent-based models, significantly outperforming Matlab implementations in speed.

Contribution

It introduces the first open-source, high-performance, industry-grade software for macro ABMs, enhancing reproducibility, extensibility, and collaboration in macroeconomic modelling.

Findings

Base model built with BeforeIT is orders of magnitude faster than Matlab version.

Performance benchmarks show significant speed improvements over Matlab-generated C code.

The software facilitates ease of use, extensibility, and reproducibility in macro ABM development.

Abstract

BeforeIT is an open-source software for building and simulating state-of-the-art macroeconomic agent-based models (macro ABMs) based on the recently introduced macro ABM developed in [1] and here referred to as the base model. Written in Julia, it combines extraordinary computational efficiency with user-friendliness and extensibility. We present the main structure of the software, demonstrate its ease of use with illustrative examples, and benchmark its performance. Our benchmarks show that the base model built with BeforeIT is orders of magnitude faster than a Matlab version, and significantly faster than Matlab-generated C code. BeforeIT is designed to facilitate reproducibility, extensibility, and experimentation. As the first open-source, industry-grade software to build macro ABMs of the type of the base model, BeforeIT can significantly foster collaboration and innovation in the field of agent-based macroeconomic modelling. The package, along with its documentation, is freely available at https://github.com/bancaditalia/BeforeIT.jl under the AGPL-3.0.