Abstract
A large part of the macroeconomic literature is dedicated to identifying the determinants of two phenomena: the growth and fluctuations of the aggregate output. Among the proposed explanations, the one concerning financial factors (see Gertler, 1988, for a survey) is that adopted in this study.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
References
P. Bak. How Nature Works. The science of Self-Organized Criticality. Oxford University Press, Oxford, 1997.
Basel Committee. The new basel capital accord. consultative document. Technical report, Bank for International Settlements, April 2003.
Basel Committee. International convergence of capital measurement and capital standards. Technical report, Bank for International Settlements, July 1998.
T. Beck, M. Lundberg, and G. Majnoni. Financial intermediary development and growth volatility. Journal of International Money and Finance, 25:1146–1167, 2006.
D. Canning, L.A.N. Amaral, Y. Lee, M. Meyer, and H.E. Stanley. Scaling the volatility of gdp growth rates. Economic Letters, 60:335–341, 1998.
D. Delli Gatti, C. Di Guilmi, E. Gaffeo, M. Gallegati, G. Giulioni, and A. Palestrini. A new approach to business fluctuations: heterogeneous interacting agents, scaling laws and financial fragility. Journal of Economic Behavior and Organization, 56:489–512, 2005.
D. Delli Gatti, E. Gaffeo, M. Gallegati, G. Giulioni, A. Kirman, A. Palestrini, and A. Russo. Complex dynamics and empirical evidence. Information Sciences, 177:1204–1221, 2007.
A. Estrella, S. Park, and S. Peristiani. Capital ratios as predictors of bank failure. FRBNY Economic Policy Review, July:33–52, 2000.
M. Gertler. Financial structure and aggregate economic activity: an overview. Journal of Money, Credit and Banking, 20:559–88, 1988.
G. Giulioni, D. Delli Gatti, and M. Gallegati. Financial fragility, heterogeneous agents’ interaction, and aggregate dynamics. In R. Cowan and N. Jonard, editors, Heterogenous Agents, Interactions and Economic Performance. Springer Verlag, 2002.
B.C. Greenwald and J.E. Stiglitz. Financial market imperfections and business cycles. Quarterly Journal of Economics, 108:77–114, 1993.
R.G. Hubbard. Capital market imperfections and investment. Journal of Economic Literature, 36:193–225, 1998.
A.P. Kirman. Whom or what does the representative individual represent. Journal of Economic Perspective, 6:117–36, 1992.
R. Levine. Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2):688–726, 1997.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2007 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
Giulioni, G. (2007). Macroeconomic Effects of the Interest Rate Level: Growth and Fluctuations in an Economy with Bank Capital Adequacy Standards. In: Consiglio, A. (eds) Artificial Markets Modeling. Lecture Notes in Economics and Mathematical Systems, vol 599. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-73135-1_2
Download citation
DOI: https://doi.org/10.1007/978-3-540-73135-1_2
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-73134-4
Online ISBN: 978-3-540-73135-1
eBook Packages: Business and EconomicsEconomics and Finance (R0)