Twenty first international online seminar "Artificial Societies and Information Technologies"

On 29.09.2023, a meeting of the international online seminar "Artificial Societies and Information Technologies" was held, dedicated to the report of Nikita Strelkovskii (The International Institute for Applied Systems Analysis, Austria).

Presentation topic: Economic and Labour Market Impacts of Migration in Austria: An Agent-Based Modelling Approach

Brief abstract:

This study examines the potential impact of a hypothetical but plausible migration scenario on the Austrian economy and labor market using a large-scale macroeconomic agent-based model (ABM). The study explores the detailed labor market outcomes for different groups in the Austrian population and the macroeconomic effects of the migration scenario inspired by Austria’s experience in 2015 The developed ABM accounts for all economic entities, such as individuals (households), firms of different industries, banks, and the government. The model is calibrated using firm-level and registry-based microdata and constitutes a digital twin of the Austrian economy. The analysis of the model simulations under different scenarios suggests that the Austrian economy and labor market have the potential to be resilient to an influx of 250,000 new migrants. The results indicate a positive impact on GDP due to increased aggregate consumption and investment. The labor market experiences an increase in unemployment rates of natives and previous migrants. In some industries, the increase in the unemployment rates is more significant, potentially indicating competition among different groups of migrants. This research provides insights for policymakers and stakeholders in Austria and other countries that may face the challenge of managing large-scale migration in the near future.

Video of this seminar on our YouTube channel