Critical fluctuations in a random network model

Individual threshold behaviors generate large endogenous fluctuations in a globally interactive network. In a version of NK models, the bonds are allowed to be allocated randomly across nodes in each period. It is shown that the aggregate output asymptotically follows a branching process with martingale property on a unique globally stable state.

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Year of publication:	1999
Authors:	Nirei, M.
Published in:	Physica A: Statistical Mechanics and its Applications. - Elsevier, ISSN 0378-4371. - Vol. 269.1999, 1, p. 16-23
Publisher:	Elsevier
Subject:	Self-organized criticality \| Random network \| Threshold dynamics \| Business cycle

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010874431