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The paper presents an agent based model to study the possible effects of different fiscal and monetary policies in the context of debt deflation. We introduce a modified Taylor rule which includes the financial position of firms as a target. Monte Carlo simulations show that an excessive...
Persistent link: https://www.econbiz.de/10011185976
The paper presents an agent based model to study the possible effects of different fiscal and monetary policies in the context of debt deflation. We introduce a modified Taylor rule which includes the financial position of firms as a target. Monte Carlo simulations show that an excessive...
Persistent link: https://www.econbiz.de/10010883513
In this paper we expand the agent based model introduced by Chiarella and Di Guilmi (Chiarella, C. and Di Guilmi, C., The financial instability hypothesis: A stochastic microfoundation framework. Journal of Economic Dynamics and Control, 35(8):1151 – 1171, 2011) in which the business cycle...
Persistent link: https://www.econbiz.de/10010835864
This paper examines the dynamics of financial distress and in particular the mechanism of transmission of shocks from the financial sector to the real economy. The analysis is performed by representing the linkages between microeconomic financial variables and the aggregate performance of the...
Persistent link: https://www.econbiz.de/10008492099
This paper examines the dynamics of financial distress and in particular the mechanism of transmission of shocks from the financial sector to the real economy. The analysis is performed by representing the linkages between microeconomic financial variables and the aggregate performance of the...
Persistent link: https://www.econbiz.de/10009142931
Persistent link: https://www.econbiz.de/10009133467
Power law behavior is an emerging property of many economic models. In this paper we emphasize the fact that power law distributions are persistent but not time invariant. In fact, the scale and shape of the firms' size distribution fluctuate over time. In particular, on a log–log space, both...
Persistent link: https://www.econbiz.de/10004970179
We introduce a heterogeneous agent asset pricing model in continuous-time to show that, although trend chasing, switching and herding all contribute to market volatility in price and return and to volatility clustering, their impacts are different. The fluctuations of the market price and return...
Persistent link: https://www.econbiz.de/10011077524
Institutional and Social Dynamics of Growth and Distribution presents a set of original contributions to the much-debated issues of long-run economic growth in relation to institutional and social progress.
Persistent link: https://www.econbiz.de/10011181167
Dynamical systems with components whose sizes evolve according to multiplicative stochastic rules have been recently combined with entry and exit processes. We show that the assumptions usually made in modeling exits are at odds with the available evidence. We discuss a recently proposed...
Persistent link: https://www.econbiz.de/10010873293