Business Cycle Fluctuations, Economic Growth & Granular Behavior: An Agent-Based Approach
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comunitat-uji-handle3:10234/173490
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Title
Business Cycle Fluctuations, Economic Growth & Granular Behavior: An Agent-Based ApproachAuthor (s)
Tutor/Supervisor; University.Department
Alfarano, Simone; Universitat Jaume I. Departament d'EconomiaDate
2017-09-26Publisher
Universitat Jaume IAbstract
This work proposes a generalization of Delli Gatti et al.’s (2005) model
in order to study the granular behavior observed empirically (Gabaix, 2011), namely
a few very large firms are able to account for a very high ... [+]
This work proposes a generalization of Delli Gatti et al.’s (2005) model
in order to study the granular behavior observed empirically (Gabaix, 2011), namely
a few very large firms are able to account for a very high fraction of macroeconomic
fluctuations. A sample made of 40000 Spanish firms during the period ranging from
1995 to 2015 is employed in order to carry out the empirical analysis. It is found
that the original model with constant-return-to-scale technology is able to generate a
degree of heterogeneity closer to that observed empirically than that produced by the
model with decreasing-return-to-scale technology. Nevertheless, the lower degree of
heterogeneity produced by the latter makes it possible to reduce the market share of
the largest company, which, in the original model, is far from what is observed. [-]
Subject
Description
Treball Final de Màster Universitari en Economia / Master in Economics. Codi: SRN015. Curs acadèmic 2016-2017
Type
info:eu-repo/semantics/masterThesisRights
info:eu-repo/semantics/openAccess
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