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Fiscal and monetary policies in complex evolving economies

Author

Listed:
  • Giovanni Dosi

    (Laboratory of Economics and Management)

  • Giorgio Fagiolo

    (Laboratory of Economics and Management (LEM))

  • Mauro Napoletano

    (Observatoire français des conjonctures économiques)

  • Andrea Roventini
  • Tania Treibich

Abstract

What is the most appropriate combination of fiscal and monetary policies in economies subject to banking crises and deep recessions? We study this issue using an agent-based model that is able to reproduce a wide array of macro- and micro-empirical regularities. Simulation results suggest that policy mixes associating unconstrained, counter-cyclical fiscal policy and monetary policy targeting employment is required to stabilise the economy. We also show that “discipline-guided” fiscal rules can be self-defeating, as they depress the economy without improving public finances. Finally, we find that the effects of monetary and fiscal policies become sharper as the level of income inequality increases.

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  • Giovanni Dosi & Giorgio Fagiolo & Mauro Napoletano & Andrea Roventini & Tania Treibich, 2015. "Fiscal and monetary policies in complex evolving economies," Sciences Po publications info:hdl:2441/3qv4spsglp8, Sciences Po.
    • Handle: RePEc:spo:wpmain:info:hdl:2441/3qv4spsglp8tmorvev1h0duo4p
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    More about this item

    Keywords

    Agent-based model; Fiscal policy; Monetary policy; Income inequality;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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