Decisive factor of scale of land is the capacity of management and control of agricultural operation subject, which is strengthened with improvement of skills. Only if scale of land is enlarged accordingly, then economic profit can be gained. Under such external circumstances as reduction of agricultural comparative advantage and fluctuation of relative factor prices brought about by economic d...

This paper studies the relationship between liquidity and economic fluctuations when firms select the number of bonds they issue to finance investment opportunities on which they have private information. The dynamic of bond issuance and security design is the driving force delivering all the main results. First, the analysis provides a theoretical framework in which liquidity, investment and t...

We aim at contributing to the debate on the mechanisms and properties of economic fluctuations. We consider a crucial aspect among many thought to influence this ubiquitous and extremely relevant phenomenon: the interaction structure that characterises the organisation of production, that is, the production relation among sectors of a system. We build — and simulate — a very simple model repres...

This paper studies conditions under which demand-side shocks can generate realistic business cycles in RBC models. Although highly persistent demand shocks are necessary for generating procyclical investment, variable capacity utilization and habit formation can reduce the required degree of persistence. Keywords: Demand Shocks; Hall’s Residual; Real Business Cycles; Crowding Out; Investment Dy...

This paper proposes a simple prototype model that describes the complex dynamics of a sophisticated monetary economy. The interaction between the current and intertemporal financial constraints on economic units brings about irregular fluctuations at both micro and macro levels. We use qualitative dynamic analysis and numerical simulations to investigate the interaction between financial fragil...

We quantify the relation between trading activity - measured by the number of transactions N(Deltat)-and the price change G(Deltat) for a given stock, over a time interval [t, t+Deltat]. To this end, we analyze a database documenting every transaction for 1000 U.S. stocks for the two-year period 1994-1995. We find that price movements are equivalent to a complex variant of classic diffusion, wh...