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

Abstract

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In order to stand up you must keep cycling: Change and coordination in complex evolving economies

“…Within a growing ensemble of ABM efforts (see Fagiolo and Roventini, 2016 for a recent survey), the authors of this note intend to proceed in refining and developing upon the family of "Schumpeter meeting Keynes" models (Dosi et al, 2013(Dosi et al, , 2015a(Dosi et al, , 2010(Dosi et al, , 2016a. They clearly meet Solow, (2008)'s plea for microheterogeneity: a multiplicity of agents interact without any ex ante commitment to the reciprocal consistency of their actions.…”

Bubbles, Crashes, and the Financial Cycle: The Impact of Banking Regulation on Deep Recessions

“…Mandel et al, 2010;Dawid et al, 2014;Dosi et al, 2010Dosi et al, , 2013Dosi et al, , 2015Dawid et al, 2018a). These models incorporate heterogeneity of different agent types (households, firms, banks) along various relevant dimensions (skill levels, capital stocks, financial variables).…”

Macroeconomic Policy in DSGE and Agent-Based Models Redux: New Developments and Challenges Ahead

“…dampen economic fluctuations. 24 Moreover, Dosi et al (2013) find a strong interaction between income distribution and fiscal policies: the more income distribution is skewed toward profits, the greater the case for fiscal policies to dampen macroeconomic fragility. 25 Different fiscal austerity policies are studied in Dosi et al (2015).…”

“…Section 6.3) in a framework characterized by financial fragility (e.g. Delli Gatti et al, 2005a;Dosi et al, 2013Dosi et al, , 2015Caiani et al, 2015), bankruptcy cascades (e.g. Delli Gatti et al, 2010;Battiston et al, 2012), deleveraging dynamics (e.g.…”

“…More generally, there appears to be strong interactions not only between fiscal and monetary policies but also between macroprudential and monetary ones (more on that in Popoyan et al, 2015, and the papers presented in Section 6.3). Finally, the effects of monetary policies become sharper as the level of income inequality increases (see also Dosi et al, 2013).…”