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The impact of the Basel III liquidity coverage ratio on macroeconomic stability : an agent-based approach

Li, Boyao - 2017

Commercial banks across the world have been implementing the Basel III accord, which is the most important international response to the 2007–2008 financial crisis. Particularly, the liquidity coverage ratio (LCR) introduced by the Basel III accord is the first global standard for banking...

Persistent link: https://www.econbiz.de/10011587669

How we might model a credit squeeze, and draw some policy implications for responding to it

Sinclair, Peter J. N. (contributor) - 2008

This paper endeavours to illustrate the consequences of a credit squeeze by inserting a standard model of retail banks into some familiar macroeconomic models. Some possible policy conclusions are drawn about the benefits of incentives to increase lending at these times, and to reduce it in much...

Persistent link: https://www.econbiz.de/10003785014

Implicit microfoundations for macroeconomics

Wright, Ian (contributor) - 2008

A large market economy has a huge number of degrees of freedom with weak micro-level coordination. The 'implicit microfoundations' approach assumes this property of micro-level interactions more strongly conditions macro-level outcomes compared to the precise details of individual choice...

Persistent link: https://www.econbiz.de/10003785033

Financial stress, regime switching and macrodynamics : theory and empirics for the US, EU and non-EU countries

Chen, Pu; Semmler, Willi - 2013

Over-borrowing and financial stress has recently become an important issue in macroeconomic and policy discussions in the US as well as in the EU. In this paper we study two regimes of financial stress. In a regime of high financial stress, stress shocks can have large and persistent impacts on...

Persistent link: https://www.econbiz.de/10009718255

Macroeconomic relaxation : adjustment processes of hierarchical economic structures

Hawkins, Raymond J. (contributor); Aoki, Masanao (contributor) - 2008

We show how time-dependent macroeconomic response follows from microeconomic dynamics using linear response theory and … a time-correlation formalism. This theory provides a straightforward approach to time-dependent macroeconomic model …

Persistent link: https://www.econbiz.de/10003782359

Modeling maximum entropy and mean-field interaction in macroeconomics

Di Guilmi, Corrado (contributor); … - 2008

The representation of the economic system, from a complexity perspective, focuses on interactions among heterogeneous agents in conditions of uncertainty. Heterogeneity entails asymmetric reactions to shocks and, through interaction mechanisms and feedback loops at micro, macro and meso level,...

Persistent link: https://www.econbiz.de/10003782373

The nature of equilibrium in macroeconomics : a critique of equilibrium search theory

Aoki, Masanao (contributor); Yoshikawa, Hiroshi (contributor) - 2008

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework …. Taking up Lucas and Prescott (1974) as a primary example, we show that the neoclassical search theory cannot explain the …

Persistent link: https://www.econbiz.de/10003783607

A note on Aoki-Yoshikawa model

Scalas, Enrico (contributor); Garibaldi, Ubaldo (contributor) - 2008

In this paper, we explore a dynamical version of by Aoki and Yoshikawa model (AYM) for an economy driven by demand. We show that when an appropriate Markovian dynamics is taken into account, AYM has different equilibrium distributions depending on the form of transition probabilities. In the...

Persistent link: https://www.econbiz.de/10003783611

Macroeconomic dynamics and the IS puzzle

Hawkins, Raymond J.; Nguyen, Chau N. - 2017

output and real-rate gaps can be represented in a parsimonious and practical manner using the theory of anelasticity that …

Persistent link: https://www.econbiz.de/10011650342