Wage Formation, Investment Behavior and Growth Regimes: An Agent-Based Analysis (notice n° 838686)
[ vue normale ]
| 000 -LEADER | |
|---|---|
| fixed length control field | 02192cam a2200241 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250123141513.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Napoletano, Mauro |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Wage Formation, Investment Behavior and Growth Regimes: An Agent-Based Analysis |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2012.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 9 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Using the “Keynes+Schumpeter” (K+S) agent-based model developed in Dosi et al. (2010, 2012) 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 scenarios. One in which investment is fully determined by past profits, and one in which investment is tied to expectations about future consumption demand. We show that, independently from the investment scenario analyzed, the emergence of steady growth with low unemployment requires a balance in the income distribution between profits and wages. If this is not the case, the economy gets locked either in stagnation equilibria, or into growth trajectories displaying high volatility and unemployment rates. Moreover, in the demand-led scenario we show the emergence of a non-linear relation between real wages and unemployment. Finally, we study whether increasing degrees of wage-flexibility are able to restore growth and unemployment and reduce the volatility in the economy. We show that this is indeed the case only when investment is profit-led. In contrast, in the scenario where investment is driven by demand expectations wage-flexibility has no effect on either growth and unemployment. In turn, this result casts doubts on the ability of wage-flexibility policies to stabilize the economy. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | wage-flexibility |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | agent-based models |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | income distribution |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | growth regimes |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Dosi, Giovanni |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Fagiolo, Giorgio |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Roventini, Andrea |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue de l'OFCE | 124 | 5 | 2012-11-02 | p. 235-261 | 1265-9576 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-de-l-ofce-2012-5-page-235?lang=en&redirect-ssocas=7080">https://shs.cairn.info/revue-de-l-ofce-2012-5-page-235?lang=en&redirect-ssocas=7080</a> |
Pas d'exemplaire disponible.
Réseaux sociaux