Future crisis will be different from previous crises due to the fast speed of technological innovation. In particular, after the subprime crisis and the Piketty Panic, we need a new macroeconomic framework based on three ingredients, namely, fast and dramatic technological innovation, financial...

In financial market, one of complex systems, there is highly nonlinear interaction between heterogeneous traders. Due to this nonlinear interaction, emergent behavior, which is so called ‘stylized facts' occurs in financial market. To understand impact of interaction between heterogeneous...

We propose a novel approach for estimating the similarity between the trends of two time series, which has been an important problem in the fields of finance, economics and econophysics. We introduce the exit-time correlation (EC) to measure this similarity based on the exit-time method recently...