In this paper we deal with some validation (and a …rst calibration) experiments on the CATS model proposed in Gallegati et al. (2003a, 2004b). The CATS model has been intensively used (see, for example, Delli Gatti et al., 2004; Russo, 2004; Gallegati et al., 2003b) to replicate a large number of scaling type stylized facts with a remarkable degree of precision and, for these purposes, the simu...