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Erschienen in:
2003 | OriginalPaper | Buchkapitel
Financial Fragility, Heterogeneous Agents’ Interaction, and Aggregate Dynamics
verfasst von : G. Giulioni, D. Delli Gatti, M. Gallegati
Erschienen in: Heterogenous Agents, Interactions and Economic Performance
Verlag: Springer Berlin Heidelberg
Enthalten in: Professional Book Archive
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According to the traditional view of the business cycle, large fluctuations are due to some impulses propagated throughout the entire economy (the so-called impulse-propagation approach). One of the puzzles it has to face is why large fluctuations arise without large shocks, since empirical evidence shows that there is not such a causal connection (Balke and Fomby 1994).