MARC Record from Library of Congress

LEADER: 02153nam a22002777a 4500
001 2008610938
003 DLC
005 20080813091409.0
007 cr |||||||||||
008 080718s2008 mau sb 000 0 eng
010 $a 2008610938
040 $aDLC$cDLC
050 00 $aHB1
245 00 $aFinancially constrained fluctuations in an evolving network economy$h[electronic resource] /$cDomenico Delli Gatti ... [et al.].
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2008.
490 1 $aNBER working paper series ;$vworking paper 14112
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/18/2008.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We explore the properties of a credit network characterized by inside credit - i.e. credit relationships connecting downstream (D) and upstream (U) firms - and outside credit - i.e. credit relationships connecting firms and banks. The structure of the network changes over time due to the preferred-partner choice rule: each agent chooses the partner who charges the lowest price. The net worth of D firms turns out to be the driver of fluctuations. U production, in fact, is determined by demand of intermediate inputs on the part of D firms and production of the latter is financially constrained, i.e. determined by the availability of internal finance proxied by net worth. The output of simulations shows that at the macroeconomic level a business cycle can develop as a consequence of the complex interaction of the agents' financial conditions. We can also reproduce the main stylized facts of firms' demography, i.e. the power law distribution of firms' size and the Laplace distribution of firms' growth rates"--National Bureau of Economic Research web site.
700 1 $aDelli Gatti, Domenico.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 14112.
856 40 $uhttp://papers.nber.org/papers/w14112