@article{mandel2015price,
abstract = {Within a general equilibrium framework {\`{a}} la (. Long and Plosser, 1983), we investigate the dynamics emerging from the interactions of households and firms that are adaptive price setters and financially constrained. Adaptive price-setting behavior induces micro-founded out-of-equilibrium dynamics along which agents become heterogeneous in terms of prices and wealth. The stringency of the financial constraints determines the regime into which the model settles: either an equilibrium one or a disequilibrium one conductive to financial fragility and aggregate volatility. In this setting, we investigate how the structure of the production network affects the emergence of aggregate volatility from micro-level price and financial shocks, hence providing a dynamical counterpart to recent results of Acemoglu et al. (2012).},
author = {Mandel, A. and Landini, S. and Gallegati, M. and Gintis, H.},
doi = {10.1016/j.jedc.2014.11.001},
issn = {01651889},
journal = {Journal of Economic Dynamics and Control},
keywords = {DOLFINS{\_}T1.4,DOLFINS{\_}WP1},
mendeley-tags = {DOLFINS{\_}T1.4,DOLFINS{\_}WP1},
title = {{Price dynamics, financial fragility and aggregate volatility}},
url = {https://halshs.archives-ouvertes.fr/file/index/docid/917892/filename/13076.pdf},
volume = {51},
year = {2015}
}

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