We investigate how stochastic asset price dynamics with herding and financial constraints explains the presence of a <italic>period of financial distress</italic> (PFD) following the peak and preceding the crash of a bubble [Charles P. Kindleberger, <italic>Manias, Panics, and Crashes: A History of Financial Crisis</italic>, 4th...

In this paper we analyze the Ancona wholesale fish market (MERITAN) where transactions take place in three simultaneous Dutch auctions. Our objective is to characterize the behavior of market participants and, in particular, that of buyers in such a market structure. Our analysis shows that...

We analyze the average size distribution of a pool of the G7 group's firms over the period 1987–2000. In particular, firm sizes are measured employing different proxies, and after conditioning on business cycle phases. We find that: (i) the empirical distributions are all consistent with a...

<i> Analisi delle relazioni fra la sostenibilità del ciclo dell'acqua e il sistema economico </i> (di Fabio Fiorillo, Antonio Palestrini, Paolo Polidori, Claudio Socci) - ABSTRACT: It is well known that the water cycle is going to assume a central role in the economic system because of its increasing...

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...

The purpose of this paper is to give some insights about the debate between Aivazian and Callen (1981, 2003) and Coase (1981) regarding the empty core problem. In particular our analysis concerns the role played by transaction costs in the debate. By maintaining the Aivazian-Callen transaction...

In this paper, we investigate the presence of rationalherding on asset price dynamics during the intra-day trading withheterogeneous interacting agents, whose information set is notcomplete. In the model, individual probability measures offinancial investment strategies are defined using...

How long is the long run in the relationship between money growth and inflation? How important are high inflation episodes for the unit slope finding in the quantity theory of money? To answer these questions we study the relationship between excess money growth and inflation over time and...