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3 papers
Economic Crises in a Model with Capital Scarcity and Self-Reflexive Confidence
Federico Guglielmo Morelli, Karl Naumann-Woleske, Michael Benzaquen +2
In the General Theory, Keynes remarked that the economy's state depends on expectations, and that these expectations can be subject to sudden swings. In this work, we develop a mul…
Crisis Propagation in a Heterogeneous Self-Reflexive DSGE Model
Federico Guglielmo Morelli, Michael Benzaquen, Jean-Philippe Bouchaud +1
We study a self-reflexive DSGE model with heterogeneous households, aimed at characterising the impact of economic recessions on the different strata of the society. Our framework…
Confidence Collapse in a Multi-Household, Self-Reflexive DSGE Model
Federico Guglielmo Morelli, Michael Benzaquen, Marco Tarzia +1
We investigate a multi-household DSGE model in which past aggregate consumption impacts the confidence, and therefore consumption propensity, of individual households. We find that…