We construct a model of cyclical growth with agent-based features designed to study the network origins aggregate fluctuations from demand-side perspective. In our model, result variations in investment behaviour at firm level motivated by endogenously-generated changes ‘animal spirits’. addition being influenced their own economic conditions, firms pay attention performance first-degree neighb...

We use generalized method of moments to estimate a rational expectations aggregate demand/aggregate supply macroeconomic model for five European economies and the United States. Our aim is to examine whether supply or demand shocks have predominated in these economies during the post-war era, and whether shocks of either type have been primarily temporary or permanent in nature. The estimation ...

Sector capacity, number of aircraft permitted in a region of the airspace referred to as a sector, is used to limit air traffic to an amount that can be safely handled by a human controller. The traditional approach for predicting traffic demand in a sector involves the simulation of trajectories of individual aircraft. The demand provided by this approach is inaccurate for hourly time horizons...

In a healthy economy, plant turnover increases aggregate productivity because efficient producers are more likely to survive. Given high entry and exit rates and the potential importance of turnover in accounting for aggregate productivity, in this paper we examine the determinants of plant exits and then examine how exits and other forms of output reallocation contribute to aggregate productiv...