Using the “Keynes+Schumpeter” (K+S) agent-based model developed we study how the interplay between firms’ investment behavior and income distribution shapes the short—and long-run dynamics of the economy at the aggregate level. We study the dynamics of investment under two different...

Many of the factors responsible for the financial crisis (financial innovation ans securitization ;heterogeneity of agents, markets and regulatory framworks) are by and large overlooked by standard macroeconomic models which have failed to forecast the advent of the crisis and are unable to...

This work explores some distributional properties of aggregate output growth-rate time series. We show that, in the majority of OECD countries, output growth-rate distributions are well-approximated by symmetric exponential-power densities with tails much fatter than those of a Gaussian. Fat...

This work studies the interactions between income distribution and monetary and fiscal policies in terms of ensuing dynamics of macro variables (GDP growth, unemployment etc.) on the grounds of an agent-based Keynesian model. The direct ancestor of this work is the "Keynes meeting Schumpeter"...

Les stratégies de croissance visent généralement à améliorer les conditions d’offre lesquelles sont censées déterminer le taux de croissance potentiel. La demande est reléguée au rang de variable qui n’influence le produit et l’emploi qu’à court terme. La condition sine qua non...

We build an agent-based model to study how the interplay between low- and high frequency trading affects asset price dynamics. Our main goal is to investigate whether high-frequency trading exacerbates market volatility and generates flash crashes. In the model, low-frequency agents adopt...

Are current economic models well equipped to provide useful policy prescriptions? Many economists would have certainly answered, “yes” before the recent Global Recession. This economic crisis has not only demonstrated the importance of banking and financial markets for the dynamics of real...

In this paper we explore the effects of alternative combinations of fiscal and monetary policies under different income distribution regimes. In particular, we aim at evaluating fiscal rules in economies subject to banking crises and deep recessions. We do so using an agent-based model populated...

This paper employs a homogenous firms database to investigate industry localization in European countries. More specifically, we compare, across industries and countries, the predictions of two of the most popular localization indices, i.e., the Ellison and Glaeser index (Ellison and Glaeser,...