Arbeitspapier
Micro and macro policies in the Keynes+Schumpeter evolutionary models
This paper presents the family of the Keynes+Schumpeter (K+S, cf. Dosi et al, 2010, 2013, 2014) 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.
- Language
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Englisch
- Bibliographic citation
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Series: LEM Working Paper Series ; No. 2014/21
- Classification
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Wirtschaft
Computational Techniques; Simulation Modeling
Business Fluctuations; Cycles
Monetary Policy
Financial Crises
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Subject
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agent-based model
fiscal policy
economic crises
austerity policies
disequilibrium dynamics
- Event
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Geistige Schöpfung
- (who)
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Dosi, Giovanni
Napoletano, Mauro
Roventini, Andrea
Treibich, Tania
- Event
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Veröffentlichung
- (who)
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Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM)
- (where)
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Pisa
- (when)
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2014
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Dosi, Giovanni
- Napoletano, Mauro
- Roventini, Andrea
- Treibich, Tania
- Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM)
Time of origin
- 2014
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