Income distribution, credit and fiscal policies in an agent-based Keynesian model

DOI10.1016/j.jedc.2012.11.008zbMath1327.91048OpenAlexW2101174956MaRDI QIDQ900390

Giovanni Dosi, Mauro Napoletano, Giorgio Fagiolo, Andrea Roventini

Publication date: 22 December 2015

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/j.jedc.2012.11.008

zbMATH Keywords

multiple equilibriaincome distributioncredit constraintstransmission mechanismsagent-based Keynesian modelsfiscal and monetary policies

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Economic growth models (91B62)

Related Items (27)

Introduction special issue crises and complexity ⋮ Emergent dynamics of a macroeconomic agent based model with capital and credit ⋮ Tipping points in macroeconomic agent-based models ⋮ To bail-out or to bail-in? Answers from an agent-based model ⋮ Estimation of ergodic agent-based models by simulated minimum distance ⋮ Price dynamics, financial fragility and aggregate volatility ⋮ Fiscal and monetary policies in complex evolving economies ⋮ When more flexibility yields more fragility: the microfoundations of Keynesian aggregate unemployment ⋮ Basel III capital surcharges for G-SIBs are far less effective in managing systemic risk in comparison to network-based, systemic risk-dependent financial transaction taxes ⋮ A method for agent-based models validation ⋮ Agent based-stock flow consistent macroeconomics: towards a benchmark model ⋮ Agent-based model calibration using machine learning surrogates ⋮ The effects of interbank networks on efficiency and stability in a macroeconomic agent-based model ⋮ Stabilizing an unstable complex economy on the limitations of simple rules ⋮ Winter is possibly not coming: mitigating financial instability in an agent-based model with interbank market ⋮ Should I stay or should I go? An agent-based setup for a trading and monetary union ⋮ Enter the MATRIX model:a multi-agent model for transition risks with application to energy shocks ⋮ International trade and technological competition in markets with dynamic increasing returns ⋮ Mission-oriented policies and the ``Entrepreneurial state at work: an agent-based exploration ⋮ Editorial: Introduction to the special issue on `Rethinking policies when heterogeneity matters' ⋮ Structural change and income distribution: an inverted-U relationship ⋮ Breaking the Circular Flow: A Dynamic Programming Approach to Schumpeter ⋮ Endogenous growth and global divergence in a multi-country agent-based model ⋮ Economic convergence: policy implications from a heterogeneous agent model ⋮ Income inequality, consumption, credit and credit risk in a data-driven agent-based model ⋮ Macroeconomic simulation comparison with a multivariate extension of the Markov information criterion ⋮ Search for profits and business fluctuations: how does banks' behaviour explain cycles?

Cites Work

• Macroeconomics from the bottom-up
• The financial instability hypothesis: a stochastic microfoundation framework
• The financial accelerator in an evolving credit network
• Schumpeter meeting Keynes: a policy-friendly model of endogenous growth and business cycles
• An evolutionary model of endogenous business cycles
• Handbook of computational economics. Vol. 2: Agent-based computational economics
• Structural change and income distribution: an inverted-U relationship
• THE EFFECT OF CONSUMPTION AND PRODUCTION STRUCTURE ON GROWTH AND DISTRIBUTION. A MICRO TO MACRO MODEL
• MATCHING, BARGAINING, AND WAGE SETTING IN AN EVOLUTIONARY MODEL OF LABOR MARKET AND OUTPUT DYNAMICS

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