Evidences from structural VAR show that new business formation positively co-moves with output under news shocks. The Jaimovich-Rebelo model augmented with firm dynamics can explain the empirical findings. The key assumption is endogenous survival rates for new entrants.

Evidences from structural VAR show that new business formation positively co-moves with output under news shocks. The Jaimovich-Rebelo model augmented with firm dynamics can explain the empirical findings. The key assumption is endogenous survival rates for new entrants.

An extended complex system is a large scale hierarchical system controlled by two or more teams of decision-makers. The teams may have different objective functions, and often can be in direct conflict with each other. Within each team, the decision-makers must cooperate for the collective...

An extended complex system is a large scale hierarchical system controlled by two or more teams of decision-makers. The teams may have different objective functions, and often can be in direct conflict with each other. Within each team, the decision-makers must cooperate for the collective...