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Pré-Publication, Document De Travail Année : 2016

Debt-Driven Business Cycles in a Stock-Flow Consistent Agent-Based Model

Résumé

This paper studies the effects of firms’ indebtedness on the dynamics of a monetary production economy. Starting from the work of Minsky and Palley, we build a stock-flow consistent agent-based model that emphasizes the effects of firms’ debt on macro dynamics and produce endogenous business cycles. We identify two effects of debt: an aggregate demand increasing effect and a functional income distribution effect and describe their consequences during the different phases of the cycle. These effects are specific to this study but are compatible with the existing literature.
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Dates et versions

hal-01363313 , version 1 (09-09-2016)

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Florian Botte, Edouard Cottin-Euziol. Debt-Driven Business Cycles in a Stock-Flow Consistent Agent-Based Model. 2016. ⟨hal-01363313⟩
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