Assenza, T.; Delli Gatti, D.; Gallegati, M. - Center for Nonlinear Dynamics in Economics and Finance … - 2007
In this paper we present a macroeconomic model in which changes in the variance (and higher moments of the distribution) of firm's financial conditions - i.e. "distributive shocks" - are bound to play a crucial role in the determination of output fluctuations. Firms differ by degree of financial...