In this paper we investigate the sources of instability in credit and financial systems and the effect of credit linkages on the macroeconomic activity. By developing an agent-based model, we analyze the evolving dynamics of the economy as a complex, adaptive and interactive system, which allows...

In this paper we build on the network-based financial accelerator model of Delli Gatti et al. (2010), modelling the firms' financial structure following the "dynamic trade-off theory", instead of the "pecking order theory". Moreover, we allow for multiperiodal debt structure and consider...

[ENGLISH] We analyze the phenomenon of international labor productivity convergence at the light of the hypothesis of catching up in technology. We present evidence that the process is much slowed by international demand fluctuations and it reduces the possibility of catching up of the Recently...

The goal of the paper consists in investigating if comovements in some selected time series are common to various countries and periods of time. To do so, we use 18 economic time series between 1960: I- 1998: IV for 17 European countries. We found "regularity" in terms of comovements and...

With this paper we provide, for the first time to our knowledge, micro-level evidence on the negative linkage between firm complexity and volatility. A higher sophistication level of a firm's export basket reduces its output fluctuations. When focusing on a sample of exporting and non exporting...