Stationarity and Growth in an Agent-Based Model of an Economy

Abstract

The paper discusses development of the investments block in an agent-based interregional multisector model of the Russian economy. The ability of the model to reproduce stationary states of the economy and economic growth under various regimes of intra-company fixed capital investment is considered.  A given steady state can be achieved by choosing the shares of profits assigned to investment. Output growth was insured by reducing labor intensity by 2 % per year in the Leontief-type production functions of firms with a fixed level of labor resources. When investments are financed from the profits  of firms under fixed share regime, the model economy demonstrate a balanced growth.