In this paper, we present an evolutionary model of industry dynamics yielding endogenous business cycles with 'Keynesian' features. The model describes an economy composed of firms and consumers/workers. Firms belong to two industries. The first one performs R&D and produces heterogeneous...

Empirical literature on investment and output dynamics is characterized by two robust stylized facts at the macro level. First, investment is considerably more volatile than output. Second, fluctuations of output and investment are highly synchronized. Furthermore, at the micro level, firm...

This paper proposes a sequential macroeconomic model to study investment complementarities in the presence of un(der)employment. It also incorporates some assumptions generally used in Keynesian economics like animal spirits, cash-in-advance constraints and irreversibility of investment...