This paper describes evolution of economic and financial transactions between agents as ground for modelling fluctuations of economic and financial variables. We use risk ratings x of agents as their coordinates x on economic space. Transactions between agents define evolution of their economic...

Problem/Relevance - This paper presents new description of the business cycles that for decades remain as relevant and important economic problem. Research Objective/Questions - We propose that econometrics can provide sufficient data for assessments of risk ratings for almost all economic...

This paper develops methods and a framework of financial market theory. We model financial markets as a system of agents which perform market transactions with other agents under the action of numerous expectations. Agents' expectations are formed of economic and financial variables, market...