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in Europe. This volume has a collection of chapters that show the progress made in this field: new theoretical framework …
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In contrast to the USA, Europe has struggled to return to the growth path it was on prior to the financial crisis of … 2007-11. Not only has the recovery been slow, it has also been variable with Europe's core countries recovering more …
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The paper compares two state-of-art but very dinstinct methods used in macroeconomics: rational-expectations DSGE and bounded rationality behavioural models. Both models are extended to include a financial friction on the supply side.The result in both models is that production, supply of credit...
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The agent-based (behavioural) model is extended to include a financial friction on the supply side. Firms finance capital purchases using external financing, but need to pay for it in advance. In addition, firm financing constraint and net worth are determined by stock market prices, which can...
Persistent link: https://www.econbiz.de/10011283037
The agent-based (behavioural) model is extended to include a financial friction on the supply side. Firms finance capital purchases using external financing, but need to pay for it in advance. In addition, firm financing constraint and net worth are determined by stock market prices, which can...
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