Bolt, W.; Demertzis, D.; Diks, C.G.H.; Van der Leij, M.J. - Center for Nonlinear Dynamics in Economics and Finance … - 2011
We show how simple statistical techniques for capturing critical transitions used in natural sciences, fail to capture economic regime shifts. This implies that we need to use model-based approaches to identify critical transitions. We apply a heterogenous agents model in a standard housing...