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Kirman’s “ant model” has been used to characterize the expectation formation of financial investors who are prone to herding. The model’s original version suffers from the problem of N-dependence: its ability to replicate the statistical features of financial returns vanishes once the...
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supplying limitless money as suggested by Modern Monetary Theory. Mohammad Ashraf is Professor of Economics at the University of …1. Why Another Book about Money? -- 2. Imagine a World Without Money -- 3. A Brief History of Money -- 4. Saving … 2007-2009 and the Great Recession -- 7. Economic Growth and the Role of Money -- 8. Money in an Interconnected World -- 9 …
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