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The birth and death of firms is one of the main features of the
business cycle. Yet mainstream DGSE macroeconomic models mostly
ignore this phenomenon, thereby excluding any potential impact of
economic policy on the probability of the birth and death of firms.
Those DGSE models that do allow for this phenomenon do so at the
cost of drastic simplifications, which effectively rule out causal
links between the strategic interaction of industrial firms and the
macroeconomy. This innovative new book develops a bottom-up,
agent-based framework that shows how strategic interactions at the
level of oligopolistic firms, and even at the level of individuals,
affect entire industrial sectors and the equilibrium of the
macroeconomy. It will appeal to academic researchers and graduate
students working in computational economics, agent-based modelling
and econophysics, as well as mainstream economists interested in
learning more about alternatives to DGSE models in macroeconomics.
This book relates the literatures of finance, industrial economics
and investment to the theoretical framework of the 'credit view'.
Firstly it is assumed that banks' decisions concerning their assets
are seen as at least as relevant as their decisions concerning
their liabilities. Secondly, securities and bank credit are
considered to be highly imperfect substitutes. In this regard it is
important to investigate the way industrial and financial sectors
interact. In particular, how is the macroeconomy affected by the
phenomenon of 'securitization' and by exogenous changes in the
industrial structure of the credit market. The interactions between
real and financial sectors are also analysed from the point of view
of the industrial firm, in a model where the investment and
financial decisions of the firm are taken simultaneously.
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