The article considers and compares two modern approaches to the scientific foundation of economic policy. The first one is a part of mainstream economics and involves developing dynamic stochastic general equilibrium models for analyzing business cycles and exogenous monetary shocks. The second...

This work investigates the statistical properties of aggregate output growth rates in the U.S. and Italy. We show that in both countries growth rates follow an exponential-power density, with tails that are fatter than a normal distribution. Furthermore, fat tails appear to be robust with...

In this paper, we present an agent-based, evolutionary, model of output- and labor-market dynamics. Firms produce a homogeneous, perishable good under constant returns to scale using labor only. Labor productivities are firm-specific and change stochastically due to technical progress. The key...