Ricerc@Sapienza

The structure of the research project is composed by three papers aimed at analyzing different features and dynamics of the interplay between technical change and income (and wealth) distribution within financial unstable economies: that is, economies with credit-constrained firms, a growing indebtedness of workers/households and an increasing banks' interconnection. I want to analyze this topic by means of the Complex Adaptive Systems approach and, mainly, by implementing an Agent-Based Model (ABM) in order to study the behavior of Heterogeneous Interacting Agents (HIA) and the emergent macroeconomic properties of the system.
I will start with the implementation of a closed-economy ABM with two sectors (capital and consumption goods) of heterogeneous firms interacting with heterogeneous workers/households and banks. This model will be aimed at analyzing a local random (evolutionary) innovation process and its impacts on the dynamics of profits and wages (functional distribution) and on the long-run macroeconomic growth.
Then, the research will continue with the analysis of the competitiveness gaps between the Country members of a monetary union, so that in the core paper will be implemented a multi-country Agent-Based Stock-Flow Consistent (AB-SFC) model aimed at analyzing the non convergence between countries and the implications in terms of economic growth and distribution.