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2009/06/05

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Global recessions as a cascade phenomenon with interacting agents, Journal of
Economic Interaction and Coordination
 









This paper examines global recessions as a cascade phenomenon. In other words,
how recessions arising within one or more countries might percolate across a
network of connected economies. An agent based model is set up in which the
agents are Western economies. A country has a probability of entering recession
in any given year and one of emerging from it the next. In addition, the agents
have a threshold propensity, which varies across time, to import a recession
from the agents most closely connected to them.
Source: Global recessions as a cascade phenomenon with interacting agents[
http://dx.doi.org/10.1007/s11403-009-0044-z ], Paul Ormerod, Amy Heineike, DOI:
10.1007/s11403-009-0044-z, Journal of Economic Interaction and Coordination,
Volume 4, Issue 1, 2009/06/01
Contributed by Anton Joha - antonjohagmail.com

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