Growth, unemployment and heterogeneity
Abstract The paper analyzes unemployment in a medium-run growth model, where aggregate demand and supply interact, using a top-down approach. The aim of the essay is the study of a nonlinear system where both aggregate demand and supply are endogenous and generate bounded unemployment, followed by a...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Ferri, Piero [verfasserIn] |
|---|
| Format: |
Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2019 |
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| Schlagwörter: |
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| Anmerkung: |
© Springer-Verlag GmbH Germany, part of Springer Nature 2019 |
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| Übergeordnetes Werk: |
Enthalten in: Journal of economic interaction and coordination - Springer Berlin Heidelberg, 2006, 14(2019), 3 vom: 14. März, Seite 573-593 |
|---|---|
| Übergeordnetes Werk: |
volume:14 ; year:2019 ; number:3 ; day:14 ; month:03 ; pages:573-593 |
| Links: |
|---|
| DOI / URN: |
10.1007/s11403-019-00244-7 |
|---|
| Katalog-ID: |
OLC2049886462 |
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| 520 | |a Abstract The paper analyzes unemployment in a medium-run growth model, where aggregate demand and supply interact, using a top-down approach. The aim of the essay is the study of a nonlinear system where both aggregate demand and supply are endogenous and generate bounded unemployment, followed by a methodological effort direct to identify possible lines of convergence with the agent based models (ABM) approach. This is a by-product of the presence of heterogeneity in the model. Heterogeneity acts through two different channels and operates among class of agents: it comes into the aggregate consumption function where households are assumed employed or unemployed; it changes the learning process of pessimists and optimists. The analysis is carried on through simulations. The resulting system is fairly stable to changes in main structural parameters. On one hand, autonomous demand drives the dynamics of the system, while heterogeneity in the consumption function, due to the presence of unemployment, strengthens the links with supply aspects. On the other hand, both the rate of growth of labor productivity and labor supply are endogenous. Two major results are obtained. First, unemployment allows the so called Harrodian reconciliation between aggregate demand and supply. Second, unemployment remains bounded meaning that the interaction between aggregate demand and supply thwarts instability. These results are in keeping with those obtained by means of a bottom-up approach, typical of ABM. Possible explanations and implications of this convergence are put forward and open the venue to further deepening of complementarities among the two modeling strategies. | ||
| 650 | 4 | |a Bounded unemployment | |
| 650 | 4 | |a Medium-run growth | |
| 650 | 4 | |a Endogenous supply | |
| 650 | 4 | |a Heterogeneity | |
| 650 | 4 | |a Instability | |
| 650 | 4 | |a Learning | |
| 650 | 4 | |a Top-down and bottom-up methodologies | |
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| 700 | 1 | |a Variato, Anna Maria |0 (orcid)0000-0003-0389-345X |4 aut | |
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10.1007/s11403-019-00244-7 doi (DE-627)OLC2049886462 (DE-He213)s11403-019-00244-7-p DE-627 ger DE-627 rakwb eng 330 VZ 330 VZ 83.10$jWirtschaftstheorie: Allgemeines bkl Ferri, Piero verfasserin aut Growth, unemployment and heterogeneity 2019 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer-Verlag GmbH Germany, part of Springer Nature 2019 Abstract The paper analyzes unemployment in a medium-run growth model, where aggregate demand and supply interact, using a top-down approach. The aim of the essay is the study of a nonlinear system where both aggregate demand and supply are endogenous and generate bounded unemployment, followed by a methodological effort direct to identify possible lines of convergence with the agent based models (ABM) approach. This is a by-product of the presence of heterogeneity in the model. Heterogeneity acts through two different channels and operates among class of agents: it comes into the aggregate consumption function where households are assumed employed or unemployed; it changes the learning process of pessimists and optimists. The analysis is carried on through simulations. The resulting system is fairly stable to changes in main structural parameters. On one hand, autonomous demand drives the dynamics of the system, while heterogeneity in the consumption function, due to the presence of unemployment, strengthens the links with supply aspects. On the other hand, both the rate of growth of labor productivity and labor supply are endogenous. Two major results are obtained. First, unemployment allows the so called Harrodian reconciliation between aggregate demand and supply. Second, unemployment remains bounded meaning that the interaction between aggregate demand and supply thwarts instability. These results are in keeping with those obtained by means of a bottom-up approach, typical of ABM. Possible explanations and implications of this convergence are put forward and open the venue to further deepening of complementarities among the two modeling strategies. Bounded unemployment Medium-run growth Endogenous supply Heterogeneity Instability Learning Top-down and bottom-up methodologies Cristini, Annalisa aut Variato, Anna Maria (orcid)0000-0003-0389-345X aut Enthalten in Journal of economic interaction and coordination Springer Berlin Heidelberg, 2006 14(2019), 3 vom: 14. März, Seite 573-593 (DE-627)513531807 (DE-600)2239073-X (DE-576)254676294 1860-711X nnns volume:14 year:2019 number:3 day:14 month:03 pages:573-593 https://doi.org/10.1007/s11403-019-00244-7 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_267 GBV_ILN_2008 GBV_ILN_2018 83.10$jWirtschaftstheorie: Allgemeines VZ 106414836 (DE-625)106414836 AR 14 2019 3 14 03 573-593 |
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10.1007/s11403-019-00244-7 doi (DE-627)OLC2049886462 (DE-He213)s11403-019-00244-7-p DE-627 ger DE-627 rakwb eng 330 VZ 330 VZ 83.10$jWirtschaftstheorie: Allgemeines bkl Ferri, Piero verfasserin aut Growth, unemployment and heterogeneity 2019 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer-Verlag GmbH Germany, part of Springer Nature 2019 Abstract The paper analyzes unemployment in a medium-run growth model, where aggregate demand and supply interact, using a top-down approach. The aim of the essay is the study of a nonlinear system where both aggregate demand and supply are endogenous and generate bounded unemployment, followed by a methodological effort direct to identify possible lines of convergence with the agent based models (ABM) approach. This is a by-product of the presence of heterogeneity in the model. Heterogeneity acts through two different channels and operates among class of agents: it comes into the aggregate consumption function where households are assumed employed or unemployed; it changes the learning process of pessimists and optimists. The analysis is carried on through simulations. The resulting system is fairly stable to changes in main structural parameters. On one hand, autonomous demand drives the dynamics of the system, while heterogeneity in the consumption function, due to the presence of unemployment, strengthens the links with supply aspects. On the other hand, both the rate of growth of labor productivity and labor supply are endogenous. Two major results are obtained. First, unemployment allows the so called Harrodian reconciliation between aggregate demand and supply. Second, unemployment remains bounded meaning that the interaction between aggregate demand and supply thwarts instability. These results are in keeping with those obtained by means of a bottom-up approach, typical of ABM. Possible explanations and implications of this convergence are put forward and open the venue to further deepening of complementarities among the two modeling strategies. Bounded unemployment Medium-run growth Endogenous supply Heterogeneity Instability Learning Top-down and bottom-up methodologies Cristini, Annalisa aut Variato, Anna Maria (orcid)0000-0003-0389-345X aut Enthalten in Journal of economic interaction and coordination Springer Berlin Heidelberg, 2006 14(2019), 3 vom: 14. März, Seite 573-593 (DE-627)513531807 (DE-600)2239073-X (DE-576)254676294 1860-711X nnns volume:14 year:2019 number:3 day:14 month:03 pages:573-593 https://doi.org/10.1007/s11403-019-00244-7 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_267 GBV_ILN_2008 GBV_ILN_2018 83.10$jWirtschaftstheorie: Allgemeines VZ 106414836 (DE-625)106414836 AR 14 2019 3 14 03 573-593 |
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Abstract The paper analyzes unemployment in a medium-run growth model, where aggregate demand and supply interact, using a top-down approach. The aim of the essay is the study of a nonlinear system where both aggregate demand and supply are endogenous and generate bounded unemployment, followed by a methodological effort direct to identify possible lines of convergence with the agent based models (ABM) approach. This is a by-product of the presence of heterogeneity in the model. Heterogeneity acts through two different channels and operates among class of agents: it comes into the aggregate consumption function where households are assumed employed or unemployed; it changes the learning process of pessimists and optimists. The analysis is carried on through simulations. The resulting system is fairly stable to changes in main structural parameters. On one hand, autonomous demand drives the dynamics of the system, while heterogeneity in the consumption function, due to the presence of unemployment, strengthens the links with supply aspects. On the other hand, both the rate of growth of labor productivity and labor supply are endogenous. Two major results are obtained. First, unemployment allows the so called Harrodian reconciliation between aggregate demand and supply. Second, unemployment remains bounded meaning that the interaction between aggregate demand and supply thwarts instability. These results are in keeping with those obtained by means of a bottom-up approach, typical of ABM. Possible explanations and implications of this convergence are put forward and open the venue to further deepening of complementarities among the two modeling strategies. © Springer-Verlag GmbH Germany, part of Springer Nature 2019 |
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Abstract The paper analyzes unemployment in a medium-run growth model, where aggregate demand and supply interact, using a top-down approach. The aim of the essay is the study of a nonlinear system where both aggregate demand and supply are endogenous and generate bounded unemployment, followed by a methodological effort direct to identify possible lines of convergence with the agent based models (ABM) approach. This is a by-product of the presence of heterogeneity in the model. Heterogeneity acts through two different channels and operates among class of agents: it comes into the aggregate consumption function where households are assumed employed or unemployed; it changes the learning process of pessimists and optimists. The analysis is carried on through simulations. The resulting system is fairly stable to changes in main structural parameters. On one hand, autonomous demand drives the dynamics of the system, while heterogeneity in the consumption function, due to the presence of unemployment, strengthens the links with supply aspects. On the other hand, both the rate of growth of labor productivity and labor supply are endogenous. Two major results are obtained. First, unemployment allows the so called Harrodian reconciliation between aggregate demand and supply. Second, unemployment remains bounded meaning that the interaction between aggregate demand and supply thwarts instability. These results are in keeping with those obtained by means of a bottom-up approach, typical of ABM. Possible explanations and implications of this convergence are put forward and open the venue to further deepening of complementarities among the two modeling strategies. © Springer-Verlag GmbH Germany, part of Springer Nature 2019 |
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Abstract The paper analyzes unemployment in a medium-run growth model, where aggregate demand and supply interact, using a top-down approach. The aim of the essay is the study of a nonlinear system where both aggregate demand and supply are endogenous and generate bounded unemployment, followed by a methodological effort direct to identify possible lines of convergence with the agent based models (ABM) approach. This is a by-product of the presence of heterogeneity in the model. Heterogeneity acts through two different channels and operates among class of agents: it comes into the aggregate consumption function where households are assumed employed or unemployed; it changes the learning process of pessimists and optimists. The analysis is carried on through simulations. The resulting system is fairly stable to changes in main structural parameters. On one hand, autonomous demand drives the dynamics of the system, while heterogeneity in the consumption function, due to the presence of unemployment, strengthens the links with supply aspects. On the other hand, both the rate of growth of labor productivity and labor supply are endogenous. Two major results are obtained. First, unemployment allows the so called Harrodian reconciliation between aggregate demand and supply. Second, unemployment remains bounded meaning that the interaction between aggregate demand and supply thwarts instability. These results are in keeping with those obtained by means of a bottom-up approach, typical of ABM. Possible explanations and implications of this convergence are put forward and open the venue to further deepening of complementarities among the two modeling strategies. © Springer-Verlag GmbH Germany, part of Springer Nature 2019 |
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