This paper offers a model of growth with heterogeneous agents in which, due to asymmetric information, financial markets do not work properly. In such a world, the Modigliani-Miller theorem fails to hold, a financial hierarchy emerges and ‘how to finance ’ the engine of growth – in our case represented by uncertain endeavours in R&D- matters. In turn, heterogeneity means that agents lack sufficient information on the behaviour adopted by the others, forcing them to make use of naive rules in forming expectations and in calculating their probability of bankruptcy. The basic properties of the model are explored via simulations. In particular, it is possible to appreciate how a worsening of financial conditions (e.g. an increase of the con...
This paper offers a synthesis of two Schumpeterian views: that growth is driven by innovation, and t...
This paper relates to the macroeconomics of imperfect capital markets. In this framework, the hetero...
We take a critical view of the standard approach to finance and growth. The mapping between the theo...
This paper offers a model of growth with heterogeneous agents in which, due to asymmetric informatio...
This paper is in general concerned with the role of firm heterogeneity for economic growth. We focus...
Chapter 1 proposes a dynamic general equilibrium theory which links growth, the distribution of inco...
This paper is in general concerned with the role of firm heterogeneity for economic growth. We focus...
This paper is concerned with the role of firm heterogeneity under credit constraints for economic gr...
How does firm heterogeneity affect the long-run consequences of financial crises? To answer this que...
Contains fulltext : 65548.pdf (publisher's version ) (Open Access)In the previous ...
In this paper we present a macroeconomic model in which changes in the variance (and higher moments ...
The common thread in this thesis is represented by general equilibrium models with heterogeneous fir...
Research activities have uncertain outcomes. The question asked in this paper is whether or not this...
In this paper we present a macroeconomic model in which changes in the variance (and higher moments ...
This paper presents a new agent-based financial market. It is designed to be both simple enough to g...
This paper offers a synthesis of two Schumpeterian views: that growth is driven by innovation, and t...
This paper relates to the macroeconomics of imperfect capital markets. In this framework, the hetero...
We take a critical view of the standard approach to finance and growth. The mapping between the theo...
This paper offers a model of growth with heterogeneous agents in which, due to asymmetric informatio...
This paper is in general concerned with the role of firm heterogeneity for economic growth. We focus...
Chapter 1 proposes a dynamic general equilibrium theory which links growth, the distribution of inco...
This paper is in general concerned with the role of firm heterogeneity for economic growth. We focus...
This paper is concerned with the role of firm heterogeneity under credit constraints for economic gr...
How does firm heterogeneity affect the long-run consequences of financial crises? To answer this que...
Contains fulltext : 65548.pdf (publisher's version ) (Open Access)In the previous ...
In this paper we present a macroeconomic model in which changes in the variance (and higher moments ...
The common thread in this thesis is represented by general equilibrium models with heterogeneous fir...
Research activities have uncertain outcomes. The question asked in this paper is whether or not this...
In this paper we present a macroeconomic model in which changes in the variance (and higher moments ...
This paper presents a new agent-based financial market. It is designed to be both simple enough to g...
This paper offers a synthesis of two Schumpeterian views: that growth is driven by innovation, and t...
This paper relates to the macroeconomics of imperfect capital markets. In this framework, the hetero...
We take a critical view of the standard approach to finance and growth. The mapping between the theo...