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Prices, debt and market structure in an agent-based model of the financial market
Fischer, Thomas; Riedler, Jesper - 2013 - First version: July 2012 ; This version: August 2013
higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly procyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …
Persistent link: https://www.econbiz.de/10010228580
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Prices, debt and market structure in an agent-based model of the financial market
Fischer, Thomas; Riedler, Jesper - 2014
higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly pro-cyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …
Persistent link: https://www.econbiz.de/10010407454
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Prices, debt and market structure in an agent-based model of the financial market
Fischer, Thomas; Riedler, Jesper - 2013
higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly procyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …
Persistent link: https://www.econbiz.de/10010328040
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Prices, Debt and Market Structure in an Agent-Based Model of the Financial Market
Fischer, Thomas; Riedler, Jesper - 2014
higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly pro-cyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …
Persistent link: https://www.econbiz.de/10010398708
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Prices, debt and market structure in an agent-based model of the financial market
Fischer, Thomas; Riedler, Jesper - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013
higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly procyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …
Persistent link: https://www.econbiz.de/10010957716
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Prices, debt and market structure in an agent-based model of the financial market
Fischer, Thomas; Riedler, Jesper - 2012
emerges and that higher levels of leverage lead to a greater inequality among agents. When further analyzing the relationship … between leverage and balance sheets, we observe that decreasing credit frictions result in an increasingly procyclical … behavior of leverage, which is typical for investment banks. We show how decreasing credit frictions increase volatility but …
Persistent link: https://www.econbiz.de/10010309494
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Prices, debt and market structure in an agent-based model of the financial market
Fischer, Thomas; Riedler, Jesper - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012
emerges and that higher levels of leverage lead to a greater inequality among agents. When further analyzing the relationship … between leverage and balance sheets, we observe that decreasing credit frictions result in an increasingly procyclical … behavior of leverage, which is typical for investment banks. We show how decreasing credit frictions increase volatility but …
Persistent link: https://www.econbiz.de/10010957621
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Unemployment benefits and financial leverage in an agent based macroeconomic model
Ricetti, Luca; Russo, Alberto; Gallegati, Mauro - 2013
This paper is aimed at investigating the effects of government intervention through unemployment benefits on macroeconomic dynamics in an agent based decentralized matching framework. The major result is that the presence of such a public intervention in the economy stabilizes the aggregate...
Persistent link: https://www.econbiz.de/10010210551
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Collateral requirements and asset prices
Brumm, Johannes; Grill, Michael; Kubler, Felix; … - 2013
Many assets derive their value not only from future cash flows but also from their ability to serve as collateral. In this paper, we investigate this collateral value and its impact on asset returns in an infinite-horizon general equilibrium model with heterogeneous agents facing collateral...
Persistent link: https://www.econbiz.de/10010326839
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Macroeconomic implications of financial imperfections: A survey
Claessens, Stijn; Kose, M. Ayhan - 2017
This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...
Persistent link: https://www.econbiz.de/10012060201