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Mercato del credito e imprese in un modello con agenti eterogenei

Author

Listed:
  • Pietro A. VAGLIASINDI
  • Giovanni VERGA

    (Universita' di Parma)

  • Pasquale CIRILLO

    (Universita' Bocconi di Milano)

Abstract

Recent economic literature indicates that imperfections in the credit market can amplify business fluctuations causing financial fragility. Starting from the framework of Greenwald and Stiglitz (1993) and Delli Gatti et al. (2005), we make a more careful model of the banking sector in Italy and its impact on firms’ investment behaviour in an economic model with heterogeneous agents. We focus on the productive sector, considering mainly risk neutral firms, facing capital increasing adjustment costs. One of our aims is to comprehensively examine all incomes from capital in a static equilibrium, in order to consider the corporate and individual levels in a unitary framework. In doing so, we take a first step towards building an operational micro-simulation model, which will allow us to replicate the main empirical evidence of the credit market and provide useful and concrete policy recommendations on monetary and fiscal systems and policies.

Suggested Citation

  • Pietro A. VAGLIASINDI & Giovanni VERGA & Pasquale CIRILLO, 2006. "Mercato del credito e imprese in un modello con agenti eterogenei," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 114(3), pages 459-490.
  • Handle: RePEc:vep:journl:y:2006:v:114:i:3:p:459-490
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    More about this item

    Keywords

    micro-simulation; heterogeneous agents; power law distributions; credit market; business fluctuations;

    JEL classification:

    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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