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Paperback An Artificial Wicksell--Keynes Macroeconomy: Integrating Business Cycle and Cumulative Process Book

ISBN: 9811668418

ISBN13: 9789811668418

An Artificial Wicksell--Keynes Macroeconomy: Integrating Business Cycle and Cumulative Process

This book presents an agent-based macroeconomic model developed on the Keynesian principle of effective demand and the Wicksellian theory of cumulative process. The main purpose of the book is to demystify inherent forces that revive an economy from a long-run downturn. The model has three types of bounded-rational agents: firm, household, and bank. To highlight the autonomous revival mechanisms, the model is assumed to be completely closed and...

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