@article{1441913,
      recid = {1441913},
      author = {Takahashi, Ichiro,},
      title = {An artificial Wicksell-Keynes macroeconomy : integrating  business cycle and cumulative process /},
      pages = {1 online resource (174 pages)},
      abstract = {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 free from  any external influences such as changes in management of  aggregate demand or supply/demand shocks. The key finding  of the book is that diversity of firms is a crucial element  in reviving investment activities. While a production  sector is represented by a single firm in a conventional  model, this model has introduced a large number of  heterogeneous firms that confront diverse constraints both  at the firm and aggregate levels. The behaviours of these  firms may vary despite being exposed to the same aggregate  environment. For example, economic downturns usually  precipitate a fall in real wages as a response to decreased  aggregate demand. Most firms reduce their employment  focusing on the reduction in aggregate demand. However,  some firms identify a reduction in real wage as a sign of  improving profitability hence they may expand employment.  This could result in an increased aggregate demand and  benefit other firms with further employment. It could even  reverse the trend to an upslope, thereby ultimately  achieving full of near full employment. This book details  further on: (1) the rigidity of prices and wages in a  stable economy (2) the fundamental factors to establish a  robust and high-performing economy, with the focus on the  importance of a stable and equitable macroeconomic  environment.},
      url = {http://library.usi.edu/record/1441913},
      doi = {https://doi.org/10.1007/978-981-16-6839-5},
}