Showing 51 - 60 of 502
Borrowing from our experience in agent-based computational economic research from `bottom-up', this paper considers economic system as multi-level dynamical system that micro-level agents' interaction leads to structural transition in meso-level, which results in macro-level market dynamics with...
Persistent link: https://www.econbiz.de/10011167236
In this paper we present a macroeconomic microfounded framework with heterogeneous agents – households, firms, banks – which interact through a decentralized matching process presenting common features across four markets – goods, labor, credit and deposit. We study the dynamics of the...
Persistent link: https://www.econbiz.de/10011259514
In the present paper we analyse the role of dividends distributed by firms and banks, highlighting the effects of their increase on financial instability and macroeconomic dynamics. During the last decades, the financialisation of nonfinancial corporations has been characterised by a shift from...
Persistent link: https://www.econbiz.de/10011260235
The aim of this paper is to investigate the relationship between increasing inequality and financial fragility in an agent based macroeconomic model. We analyse the effects of a non-linear relationship between wealth and consumption on the evolution of the economic system. Preliminary results...
Persistent link: https://www.econbiz.de/10011114106
Hyman Minsky is renowned for his theoretical and empirical investigation of the capitalist economy. In this book, a distinguished group of contributors provides an authoritative account of his contribution to the analysis of capitalism and, more particularly, to the fields of monetary and post...
Persistent link: https://www.econbiz.de/10011119314
In this paper we introduce a calibration procedure for validating of agent based models. Starting from the well-known financial model of Brock and Hommes 1998, we show how an appropriate calibration enables the model to describe price time series. We formulate the calibration problem as a...
Persistent link: https://www.econbiz.de/10011123695
Institutional and Social Dynamics of Growth and Distribution presents a set of original contributions to the much-debated issues of long-run economic growth in relation to institutional and social progress.
Persistent link: https://www.econbiz.de/10011181167
This is a unique and detailed book which surveys the diffusion and reception of Alfred Marshall’s ideas and the ways they have influenced the development of economic science up to the present day.
Persistent link: https://www.econbiz.de/10011181906
This paper presents an agent based model which underlines the importance of credit network and leverage dynamics in determining the resilience of the system, defining an early warning indicator for crises. The model reproduces macroeconomic dynamics emerging from the interactions of...
Persistent link: https://www.econbiz.de/10011190655
Within a general equilibrium framework à la (Long and Plosser, 1983), we investigate the dynamics emerging from the interactions of households and firms that are adaptive price setters and financially constrained. Adaptive price-setting behavior induces micro-founded out-of-equilibrium dynamics...
Persistent link: https://www.econbiz.de/10011190678