Are business cycles mainly a response to persistent exogenous shocks, or do they instead
reflect a strong endogenous mechanism which produces recurrent boom-bust phenomena …

In this work we develop an agent-based model where hysteresis in major macroeconomic
variables (eg, gross domestic product, productivity, unemployment) emerges out of the …

Mainstream macroeconomics is founded on the idea of perfectly rational representative
agents. Yet there is a growing realization that economic theories based on such agents are …

This paper examines the dynamics of Keynesian models that incorporate feedback effects
from the labor market to income distribution, investment, aggregate demand and output. A …

This paper empirically investigates the possibility of self-sustained oscillations at business
cycle frequency. The theoretical model considers aggregate economic activity and the …

We document five novel facts about the role of search effort in forming trading relationships
among firms by combining a variety of micro and macro datasets. These facts strongly …

This paper proposes an empirical test to identify possible endogenous cycles within
heterogeneous agent models (HAMs). We consider a two-type HAM into a standard small …

In a broad class of discrete-time rational-expectations models, I consider stabilizationpolicy
rules making the policy instrument react with coefficient ϕ∈ R to a (past, current, or …

Big technological improvements in a new, secondary sector lead to a period of excitement
about the future prospects of the overall economy, generating boom-bust dynamics …

Unlike linear ones, nonlinear business cycle models can generate sustained fluctuations
even in the absence of shocks (eg, via limit cycles/chaos). A popular approach to solving …