ETD

Archivio digitale delle tesi discusse presso l'Università di Pisa

Tesi etd-09072016-204827


Tipo di tesi
Tesi di laurea magistrale
Autore
PALAGI, ELISA
URN
etd-09072016-204827
Titolo
Inequality and Macroeconomic Dynamics: An Agent-Based Model
Dipartimento
ECONOMIA E MANAGEMENT
Corso di studi
ECONOMICS
Relatori
relatore Prof. Roventini, Andrea
Parole chiave
  • macroeconomics
  • fiscal policy
  • redistribution
  • inequality
  • fiscal multiplier
  • computational economics
  • economics
  • agent-based model
  • credit rationing
Data inizio appello
03/10/2016
Consultabilità
Completa
Riassunto
After reviewing the main empirical and theoretical findings about the evolution of inequality and its impact on macroeconomic dynamics, this thesis expands the analysis performed with an agent-based model by Napoletano, Roventini and Gaffard (2016). In the model, which is characterized by heterogeneous households with credit constraints, an inequality shock is introduced. This generates a fall in aggregate demand and income. Scenarios with different degrees of inequality are compared, and what emerges is that higher inequality is associated with more severe recessions. Moreover, a redistributive fiscal policy, in the form of a subsidy, is introduced after the crisis. This policy significantly dampens the fall in aggregate output implied by the inequality shock and is more effective than direct government expenditure in stimulating the economy.
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