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Endogenous business cycles and Harrodian instability in an agent-based model

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  • Florian Botte

Abstract

The article presents an original stock-flow consistent macroeconomic agent-based model with the aim to reexamine Harrod’s instability principle as an explanatory element of macroeconomic dynamics. The main findings are that bottom-up economic models can be subject to Harrodian instability and can produce endogenous cycles without introducing innovation waves, monetary wage spirals, or financial instability. Upward instability is stopped by the ceiling of full employment, and downward instability can be tamed by introducing an autonomous expenditure that feeds aggregate demand.

Suggested Citation

  • Florian Botte, 2019. "Endogenous business cycles and Harrodian instability in an agent-based model," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 42(2), pages 232-254, April.
    • Handle: RePEc:mes:postke:v:42:y:2019:i:2:p:232-254
    DOI: 10.1080/01603477.2018.1486206
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    Cited by:

    1. Andrea Borsato, 2022. "An agent-based model for Secular Stagnation in the USA: theory and empirical evidence," Journal of Evolutionary Economics, Springer, vol. 32(4), pages 1345-1389, September.
    2. Andrea Borsato, 2021. "An Agent-based Model for Secular Stagnation in the USA: Theory and Empirical Evidence," LEM Papers Series 2021/09, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    3. Andrea Borsato & Andre Lorentz, 2023. "Open Science vs. Mission-oriented Policies and the Long-run Dynamics of Integrated Economies: An Agent-based Model with a Kaldorian Flavour," Working Papers of BETA 2023-17, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.

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