Our system for navigating references. Click on the publication title to get the details.
All references by year | Search by author | Search by keyword
Soon Ryoo (2010) Long waves and short cycles in a model of endogenous financial fragility”, Journal of Economic Behavior & Organization, vol. 74, n. 3, pp. 163-186
Url: Not available
JEL classification: E12; E32; E44
Abstract: This paper presents a stock-flow consistent macroeconomic model in which financial fragility in firm and household sectors evolves endogenously through the interaction between real and financial sectors. Changes in firms’ and households’ financial practices produce long waves. The Hopf bifurcation theorem is applied to clarify the conditions for the existence of limit cycles, and simulations illustrate stable limit cycles. The long waves are characterized by periodic economic crises following long expansions. Short cycles, generated by the interaction between effective demand and labor market dynamics, fluctuate around the long waves.