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An agent-based model of trickle-up growth and income inequality

Author

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  • Palagi, Elisa
  • Napoletano, Mauro
  • Roventini, Andrea
  • Gaffard, Jean-Luc
Abstract
We build an agent-based model to study how coordination failures, credit constraints, and unequal access to investment opportunities affect inequality and aggregate income dynamics. We show that macroeconomic conditions are affected by income distribution and that the model features trickle-up growth dynamics. Redistribution toward poorer households raises demand and benefits all agents’ income growth. Simulations show that our model reproduces several stylized facts concerning income inequality and social mobility. Finally, fiscal policies facilitating access to investment opportunities by poor households have the largest impact, raising income and decreasing inequality, with policy timing being crucial.

Suggested Citation

  • Palagi, Elisa & Napoletano, Mauro & Roventini, Andrea & Gaffard, Jean-Luc, 2023. "An agent-based model of trickle-up growth and income inequality," Economic Modelling, Elsevier, vol. 129(C).
    • Handle: RePEc:eee:ecmode:v:129:y:2023:i:c:s0264999323003474
    DOI: 10.1016/j.econmod.2023.106535
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    Cited by:

    1. Marco Ranaldi & Elisa Palagi, 2022. "Heterogeneity in Macroeconomics: The Compositional Inequality Perspective," LIS Working papers 848, LIS Cross-National Data Center in Luxembourg.

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    More about this item

    Keywords

    Income inequality; Social mobility; Credit constraints; Coordination failures; Effective demand; Trickle-up growth; Fiscal policy;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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