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Structure and Macroeconomic Performance: Heterogeneous Firms and Financial Fragility

In: New Tools of Economic Dynamics

Author

Listed:
  • Domenico Delli Gatti

    (Università Cattolica)

  • Mauro Gallegati

    (Università di Ancona)

Abstract

Summary In this paper we adopt a new macrodynamic tool, i.e. a system of non-linear difference equations describing the evolution over time of the first and second moments of the distribution of firms’ degrees of financial robustness captured by the ratio of the equity base to the capital stock - the equity ratio for short - which affects supply and capital accumulation decisions. For particular configurations of parameters the dynamic patterns of the average equity ratio and the variance generate irregular and asymmetric time series in which growth and fluctuations are jointly determined (fluctuating growth).

Suggested Citation

  • Domenico Delli Gatti & Mauro Gallegati, 2005. "Structure and Macroeconomic Performance: Heterogeneous Firms and Financial Fragility," Lecture Notes in Economics and Mathematical Systems, in: Jacek Leskow & Lionello F. Punzo & Martín Puchet Anyul (ed.), New Tools of Economic Dynamics, chapter 4, pages 61-78, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-28444-4_4
    DOI: 10.1007/3-540-28444-3_4
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