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

by Ichirô Takahashi

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...

• Format: Paperback
• Language: English
• ISBN: 9811668418
• ISBN13: 9789811668418
• Release Date: March 2023
• Publisher: Springer
• Length: 164 Pages