Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/89541
Authors: 
Dosi, Giovanni
Fagiolo, Giorgio
Roventini, Andrea
Year of Publication: 
2008
Series/Report no.: 
LEM Working Paper Series 2008/21
Abstract: 
This paper studies an agent-based model that bridges Keynesian theories of demandgeneration and Schumpeterian theories of technology-fueled economic growth. We employ the model to investigate the properties of macroeconomic dynamics and the impact of public polices on supply, demand and the fundamentals of the economy. We find that the complementarities between factors influencing aggregate demand and drivers of technological change affect both short-run fluctuations and long-term growth patterns. From a normative point of view, simulations show a corresponding complementarity between Keynesian and Schumpeterian policies in sustaining long-run growth paths characterized by mild fluctuations and acceptable unemployment levels. The matching or mismatching between innovative exploration of new technologies and the conditions of demand generation appear to suggest the presence of two distinct regimes of growth (or absence thereof) characterized by different short-run fluctuations and unemployment levels.
Subjects: 
Endogenous Growth
Business Cycles
Growth Policies
Business CyclePolicies
Evolutionary Economics
Agent-Based Computational Economics
Post-Walrasian Economics
Empirical Validation
Monte-Carlo Simulations
JEL: 
E32
E6
O3
O4
Document Type: 
Working Paper

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