Micro and Macro Policies in the Keynes+Schumpeter Evolutionary Models
| Autor: | Giovanni Dosi, Tania Treibich, Mauro Napoletano, Andrea Roventini |
|---|---|
| Přispěvatelé: | Macro, International & Labour Economics, RS: GSBE DUHR |
| Jazyk: | angličtina |
| Rok vydání: | 2017 |
| Předmět: |
Macroeconomics
Entrepreneurship Economics and Econometrics Agent-based model INFORMATION OECD COUNTRIES INVESTMENT Evolution SPECIFICITIES OUTPUT GROWTH FIRMS Innovation policies Disequilibrium dynamics Income inequality Innovation Macroeconomic policies Business Management and Accounting (all) CREDIT BUSINESS CYCLES Income distribution 0502 economics and business Economics Business cycle DISTRIBUTIONS Business 050207 economics 050205 econometrics Stylized fact Management and Accounting (all) PRODUCTIVITY Keynesian economics 05 social sciences General Business Management and Accounting innovation Fiscal policy Credit cycle Imperfect |
| Zdroj: | Journal of Evolutionary Economics, 27(1), 63-90. Springer |
| ISSN: | 0936-9937 1748-1767 |
| Popis: | This paper presents the family of the Keynes+Schumpeter (K+S, cf. Dosi et al, J Econ Dyn Control 34 1748-1767 2010, J Econ Dyn Control 37 1598-1625 2013, J Econ Dyn Control 52 166-189 2015) evolutionary agent-based models, which study the effects of a rich ensemble of innovation, industrial dynamics and macroeconomic policies on the long-term growth and short-run fluctuations of the economy. The K+S models embed the Schumpeterian growth paradigm into a complex system of imperfect coordination among heterogeneous interacting firms and banks, where Keynesian (demand-related) and Minskian (credit cycle) elements feed back into the meso and macro dynamics. The model is able to endogenously generate long-run growth together with business cycles and major crises. Moreover, it reproduces a long list of macroeconomic and microeconomic stylized facts. Here, we discuss a series of experiments on the role of policies affecting i) innovation, ii) industry dynamics, iii) demand and iv) income distribution. Our results suggest the presence of strong complementarities between Schumpeterian (technological) and Keynesian (demand-related) policies in ensuring that the economic system follows a path of sustained stable growth and employment. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|