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Industrial dynamics, fiscal policy and R&D: evidence from a computational experiment

[journal article]

Russo, Alberto; Catalano, Michele; Gaffeo, Edoardo; Gallegati, Mauro; Napoletano, Mauro

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Abstract We present an agent-based computational model in which bounded rational firms and workers trade on fully decentralized markets for final goods and labor by means of random matching protocols. The model replicates several macroeconomic phenomena regularly observed in the data, with aggregate features emerging from the localized interactions of individual entities. The model is then used as a computational laboratory to run an experiment on the role of fiscal policy in increasing macroeconomic performance.
Classification Political Economy
Free Keywords Agent-based computational models; Industrial dynamics; Fiscal policy
Document language English
Publication Year 2007
Page/Pages p. 426-447
Journal Journal of Economic Behavior & Organization, 64 (2007) 3-4
DOI http://dx.doi.org/10.1016/j.jebo.2006.06.016
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)