Micro and macro policies in the Keynes +Schumpeter evolutionary models

Giovanni Dosi, Mauro Napoletano, Andrea Roventini and Tania Treibich

SciencePo Working papers Main from HAL

Abstract: 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)

Keywords: Keynes; Schumpeter; Evolutionary models (search for similar items in EconPapers)
Date: 2017-01
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03471831
References: Add references at CitEc
Citations: View citations in EconPapers (9)

Published in Journal of Evolutionary Economics, 2017, 27, pp.63-90. ⟨10.1007/s00191-016-0466-4⟩

Downloads: (external link)
https://sciencespo.hal.science/hal-03471831/document (application/pdf)

Related works:
Journal Article: Micro and macro policies in the Keynes+Schumpeter evolutionary models (2017)
Working Paper: Micro and macro policies in the Keynes +Schumpeter evolutionary models (2017)
Working Paper: Micro and macro policies in the Keynes + Schumpeter evolutionary models (2014)
Working Paper: Micro and macro policies in the Keynes + Schumpeter evolutionary models (2014)
Working Paper: Micro and macro policies in the Keynes + Schumpeter evolutionary models (2014)
Working Paper: Micro and Macro Policies in Keynes+Schumpeter Evolutionary Models (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03471831

DOI: 10.1007/s00191-016-0466-4

Access Statistics for this paper

More papers in SciencePo Working papers Main from HAL
Bibliographic data for series maintained by Contact - Sciences Po Departement of Economics ().