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Full Professor. Giorgio Fagiolo. Institute of Economics giorgio. Download curriculum vitae. Fagiolo; M. Mastrandrea; T. Squartini; G. Fagiolo; D. Duenas; G. Chinazzi; G.
Innovation, finance, and economic growth: an agent-based approach
Fagiolo; J.Unlike the original model, we assume that both exploration and imitation require resources provided by banks, which pool agent savings and finance new projects via loans. We find that banking activity has a positive impact on growth. However, excessive financialization can hamper growth. Indeed, we find a significant and robust inverted U-shaped relation between financial depth and growth.
Overall, our results stress the fundamental and still poorly understood role played by innovation in the finance—growth nexus. This is a preview of subscription content, log in to check access. Rent this article via DeepDyve. For an introduction to agent-based computational economics, see Tesfatsion and Judd and LeBaron and Tesfatsion We do not attach any meaning to the x and y dimensions. A 2-dimensional lattice is chosen only for descriptive reasons. Nonetheless, in Sect.
This assumption is made for consistency with the original FDM. That is, they could apply a sort of safety buffer. Notice also that such dependence of exploration upon savings, combined with the way in which banks provide loans see Sect. One could relax such an assumption allowing firms to move only in the directions where the productivity of the new technologies should be higher than the one they currently master. We will consider this setting in future versions of the model.
One could imagine that bankrupt explorers should be more penalized, e. However, the cumulation of knowledge and the dynamic increasing returns which are generated while the explorer was sailing let the bankrupt agent fall behind with respect to the technological frontier. This constitutes already a fairly large penalization. The probability of such an outcome is negligible, as the productivity of a newly discovered island is linked to the last production carried out by the explorer.
For this reason, we make this assumption for keeping the setting as simple as possible. However, in future versions of the model we will consider a more sophisticated setting in which an explorer can continue to sail when she arrives on an already known island with lower productivity, or she can come back to her initial island.
Also in this case we assume that imitators do not produce during sailing for consistency with the FDM. One can also assume that adoption should be further favored by reducing the time and hence the cost, it takes to be performed. We assume that the per-period share of production c consumed for imitation equals that for exploration. Indeed, given our simple setting, if banks were able to distinguish between explorers and imitators, their information would be perfect.
Nonetheless, we investigate the role of information asymmetry in Sect. Since a bankrupt agent may hold bank equity shares, we assume for simplicity that in such a case the shares are redistributed to the other shareholders proportionally to their positions. Investigating the effects of bank ownership structure goes beyond the objectives of the present analysis.
If liquidity is not enough to satisfy depositors, then it is distributed proportionally to net positions.Agent-based Computational Economics. Industrial Dynamics. Statistical Properties of Micro and Macro-Dynamics. In the last years, an exploding body of literature has put forth the idea that all types of interactions taking place among economic agents can be fruitfully studied in the framework of network theory. A network is a collection of nodes and links.
In this metaphor, nodes play the role of economic agents, whereas a link between any two nodes represents the existence and possibly the direction and intensity of the interaction going on between these two nodes. Interactions here refer to both material and immaterial exchanges: trade, knowledge spillovers, externalities of any kind, imitation, etc.
Standard economics has largely neglected the study of direct interactions. Theoretical models have either assumed that no direct interactions take place think e.
Animal Spirits, Lumpy Investment, and Endogenous Business Cycles
Similarly, empirical analyses did not address the study of topological properties of networks existing among firms, consumers, or countries. In recent years, on the contrary, theoretical and empirical studies have shown that the properties of interaction microeconomic networks are crucial to understand macro-economic dynamics. My research on networks focuses on both theoretical and empirical questions:.Jan Hammer - Crockett's Theme vs. Madis - Nightwalk (Madis Live Cover)
I am interested in game-theoretic models where agents are placed on networks, play games with their neighbors, and are able to endogenously modify the links they maintain through time in response of the payoffs they get. In these models, agents are not only able to decide the strategy to play in the game but also to choose whom to play with.
The main goal is to understand how strategies and networks co-evolve and affect the final equilibrium outcome of the game. More recently, I became interested in the empirical analysis of real-world networks.
From a methodological point of view, my research here focuses on developing tools for the analysis of weighted, directed networks, i. Applications include the international trade network and the network of financial flows across world countries. Giorgio Fagiolo. Networks: Models and Empirics In the last years, an exploding body of literature has put forth the idea that all types of interactions taking place among economic agents can be fruitfully studied in the framework of network theory.We shall go back to this point below.
Dawid for an exhaustive review of ABMs of innovation and technological change. Dosi et al. However, within this stream of literature, only a few scholars have attempted to look at the joint effect of supply changes and demand composition on growth and structural change from a sectoral an Unlike the existing literature, we account for the whole set of innovation strategies for a firm: process, product and orga Documents: Advanced Search Include Citations.
Evolutionary theorizing on economic growth. Add To MetaCart. Nelson - IN B. H Citation Context Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles. We employ the model to investigate the properties of macroeconomic dynamics and the impact of public polices on supply, demand Abstract - Cited by 31 4 self - Add to MetaCart a b s t r a c t This paper studies an agent-based model that bridges Keynesian theories of demandgeneration and Schumpeterian theories of technology-fueled economic growth.
The paper presents a model of endogenous growth in which firms are modeled as boundedly-rational, locally interacting, agents.
Firms produce a homogeneous good employing technologies located in an open-ended technological space and are allowed to either imitate existing similar practices or to local Abstract - Cited by 29 12 self - Add to MetaCart The paper presents a model of endogenous growth in which firms are modeled as boundedly-rational, locally interacting, agents.
Firms produce a homogeneous good employing technologies located in an open-ended technological space and are allowed to either imitate existing similar practices or to locally explore the technological space to find new, more productive, techniques. We first identify sufficient condi-tions for the emergence of empirically plausible GDP time-series characterized by self-sustained growth.
Then, we study the trade-off between individual rationality and collective outcomes by providing an example in which more rational agents sys-tematically perform worse than less rational ones. We propose to develop in this paper an alternative approach to the New Growth Theory to analyse growth rate divergence among integrated economies.
The model presented here considers economic growth as a disequilibrium process. It introduces in a cumulative cau-sation framework, micro-founded process Abstract - Cited by 13 5 self - Add to MetaCart We propose to develop in this paper an alternative approach to the New Growth Theory to analyse growth rate divergence among integrated economies.All material on this site has been provided by the respective publishers and authors.
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Economic literature: papersarticlessoftwarechaptersbooks. FRED data. Research output as. Dosi, G. Martha G. Giorgio Fagiolo, Redaktsiya zhurnala "Voprosy Economiki", vol.
Vriend, Fagiolo, White, Roventini, White, "undated". Valente M. Gabriele, Stadler, Zarnowitz, Victor, Whited, Canova, Fabio, Discussion Papers. Julia K.
Thomas, Thomas, "undated". King, Robert G. Woodford ed. Robert G. Rebelo, Alan S. Maccini, Bartelsman, Eric J. Steven M. Petersen, Kirman, Alan, Austan Goolsbee, Lane, David A, Tesfatsion, Leigh, Bruce C.
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