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Recent literature has shown that corporate indebtedness affects firm-level investment behavior but not necessarily aggregate business cycles. I argue that interactions among heterogeneous firms play an important role in equilibrium. After a downturn, financially unconstrained firms in financially constrained industries significantly increase capital ex-penditure to substitute depressed investment by their financially constrained competitors. The increase in investment, primarily driven by small and medium firms, leads to substantial gains in future sales. Using a new empirical approach, I further show that equilibrium effects are unambiguously countercyclical because the increase in investment by unconstrained firms does not crowd out investment by financially constrained competitors. The “competitive interaction channel” underscored in this paper may play an important role in mitigating the impact of negative shocks in macroeconomic models with financial heterogeneity.
This handbook presents emerging research exploring the theoretical and practical aspects of econometric techniques for the financial sector and their applications in economics. By doing so, it offers invaluable tools for predicting and weighing the risks of multiple investments by incorporating data analysis. Throughout the book the authors address a broad range of topics such as predictive analysis, monetary policy, economic growth, systemic risk and investment behavior. This book is a must-read for researchers, scholars and practitioners in the field of economics who are interested in a better understanding of current research on the application of econometric methods to financial sector data.
As the structure of the economy has changed over the past few decades, researchers and policy makers have been increasingly concerned with how these changes affect workers. In this book, leading economists examine a variety of important trends in the new economy, including inequality of earnings and other forms of compensation, job security, employer reliance on temporary and contract workers, hours of work, and workplace safety and health. In order to better understand these vital issues, scholars must be able to accurately measure labor market activity. Thus, Labor in the New Economy also addresses a host of measurement issues: from the treatment of outliers, imputation methods, and weighting in the context of specific surveys to evaluating the strengths and weaknesses of data from different sources. At a time when employment is a central concern for individuals, businesses, and the government, this volume provides important insight into the recent past and will be a useful tool for researchers in the future.
This book analyses situations in which individual agents, who might be different from each other, interact and produce behaviour on the aggregate level which does not correspond to that of the average actor. This leads to aggregate outcomes which would be impossible to explain in a more standard approach. Aggregation generates structure and, as a result, interaction and heterogeneity can be handled and we no longer have to rely on the over-simplified reduction of the behaviour of the economy to that of a "rational" individual.
This book offers a practical guide to Agent Based economic modeling, adopting a “learning by doing” approach to help the reader master the fundamental tools needed to create and analyze Agent Based models. After providing them with a basic “toolkit” for Agent Based modeling, it present and discusses didactic models of real financial and economic systems in detail. While stressing the main features and advantages of the bottom-up perspective inherent to this approach, the book also highlights the logic and practical steps that characterize the model building procedure. A detailed description of the underlying codes, developed using R and C, is also provided. In addition, each didactic model is accompanied by exercises and applications designed to promote active learning on the part of the reader. Following the same approach, the book also presents several complementary tools required for the analysis and validation of the models, such as sensitivity experiments, calibration exercises, economic network and statistical distributions analysis. By the end of the book, the reader will have gained a deeper understanding of the Agent Based methodology and be prepared to use the fundamental techniques required to start developing their own economic models. Accordingly, “Economics with Heterogeneous Interacting Agents” will be of particular interest to graduate and postgraduate students, as well as to academic institutions and lecturers interested in including an overview of the AB approach to economic modeling in their courses.
This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
In traditional economics models of perfect competition agent's interactions are all mediated through the market. Interactions are anonymous, global and indirect. This is a powerful model, but we see many instances in which one, and sometimes all, of the previous characteristics fail to hold true. The type of agent you are, or your identity, can affect the type of interaction we have, and most surely the relationship between micro-behaviour and macro-phenomena in non-trivial ways. This book contains a selection of papers presented at the 6th Workshop on Economics with Heterogenous Interacting Agents (WEHIA). The contributions show that work done in other fields like evolutionary biology, statistical mechanics, social network theory and others help us to understand the way in which economic systems operate. Virtually all of the papers presented in this volume draw on some aspect or other of these varied approaches to related problems.
In theory, financial professionals are relatively distinct: A broker-dealer conducts transactions in securities on behalf of itself and others; and an investment adviser provides advice to others regarding securities. Different laws regulate each type of professional, but boundaries have blurred. This report examines current business practices and investor understanding of each type.
Risk is the main source of uncertainty for investors, debtholders, corporate managers and other stakeholders. For all these actors, it is vital to focus on identifying and managing risk before making decisions. The success of their businesses depends on the relevance of their decisions and consequently, on their ability to manage and deal with the different types of risk. Accordingly, the main objective of this book is to promote scientific research in the different areas of risk management, aiming at being transversal and dealing with different aspects of risk management related to corporate finance as well as market finance. Thus, this book should provide useful insights for academics as well as professionals to better understand and assess the different types of risk.
With the advent of increased capital mobility in the past two decades, financial factors have become of key importance for the processes of stabilization and growth in developing, developed, and transforming economies. The size of international capital movements and the financial intermediation industry has become so large that these factors could become the dominant impulses for individual economies and the global economy in the 1990s and beyond. This book collects essays by well-known analysts in international economics and finance who treat these issues from relatively new perspectives.