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A Multisectoral Micro-Macrodynamic Model

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  • Mário Luiz Possas

    (Economics Institute, Universidade Federal do Rio de Janeiro)

  • Esther Dweck
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    Abstract

    This is a simulation model that intends to integrate macro dynamics with structural and sectoral features that shape and modify it. It is an attempt to analyze the macrodynamic effective demand effects of endogenous structural changes in the same setup. Micro-macro interactions result in the model from each level having its own dynamics dependent on the inputs it receives from the others. Each sector is modeled according to neo-Schumpeterian evolutionary microfoundations, with additional unorthodox micro behavioral assumptions. Together with exogenous foreign and government sectors, they are integrated into a multisectoral model. The main features of the model are: (1) simulated sectoral trajectories of a stylized economy derive from endogenous competitive dynamics as well as direct (input-output) and indirect (income, consumption) interactions; (2) sectors are distinguished according to their role in the productive structure and demand categories – consumption, intermediate and capital; (3) no equilibrium is assumed: dynamic interactions among firms’ decisions (based on adaptive expectations) and their effects generate open-ended trajectories. Even though the simulation results presented in this paper only give a very brief idea of the trajectories generated by the model, a general robust result is obtained: the cyclical behavior of the GDP and its main aggregate components.

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    Bibliographic Info

    Paper provided by Universidade Federal do Paraná, Department of Economics in its series Working Papers with number 0012.

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    Length: 27 pages
    Date of creation: 2005
    Date of revision:
    Handle: RePEc:fup:wpaper:0012

    Note: Creation Date corresponds to the year in which the paper was published on the Department of Economics website. The paper may have been written a small number of months before its publication date.
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    Related research

    Keywords: Multisectoral growth models;

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    References

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    1. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
    2. Patrick Llerena & André Lorentz, 2003. "Alternative Theories on Economic Growth and the Co-evolution of Macro-Dynamics and Technological Change: A survey," LEM Papers Series 2003/27, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    3. Silverberg, Gerald & Dosi, Giovanni & Orsenigo, Luigi, 1988. "Innovation, Diversity and Diffusion: A Self-organisation Model," Economic Journal, Royal Economic Society, vol. 98(393), pages 1032-54, December.
    4. Dosi, Giovanni, 1982. "Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change," Research Policy, Elsevier, vol. 11(3), pages 147-162, June.
    5. Heiner, Ronald A, 1983. "The Origin of Predictable Behavior," American Economic Review, American Economic Association, vol. 73(4), pages 560-95, September.
    6. Dosi, G & Egidi, M, 1991. "Substantive and Procedural Uncertainty: An Exploration of Economic Behaviours in Changing Environments," Journal of Evolutionary Economics, Springer, vol. 1(2), pages 145-68, April.
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