@article{MTMT:35314328,
	title = {Market power, inequality, and financial instability},
	url = {https://m2.mtmt.hu/api/publication/35314328},
	author = {Cairo, Isabel and Sim, Jae},
	doi = {10.1016/j.jedc.2024.104875},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {164},
	unique-id = {35314328},
	issn = {0165-1889},
	keywords = {INCOME INEQUALITY; market power; financial instability; Factor shares},
	year = {2024},
	eissn = {1879-1743}
}

@article{MTMT:35291378,
	title = {Output-inflation trade-offs and the optimal inflation rate},
	url = {https://m2.mtmt.hu/api/publication/35291378},
	author = {Kurozumi, Takushi and Van Zandweghe, Willem},
	doi = {10.1016/j.jedc.2024.104874},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {164},
	unique-id = {35291378},
	issn = {0165-1889},
	keywords = {inflation target; Superelasticity of demand; Marshall's second law of demand; Staggered price-setting; Average markup; Welfare cost of inflation},
	year = {2024},
	eissn = {1879-1743}
}

@article{MTMT:35184084,
	title = {Dynamic industry uncertainty networks and the business cycle},
	url = {https://m2.mtmt.hu/api/publication/35184084},
	author = {Baruník, J. and Bevilacqua, M. and Faff, Robert},
	doi = {10.1016/j.jedc.2023.104793},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {159},
	unique-id = {35184084},
	issn = {0165-1889},
	year = {2024},
	eissn = {1879-1743}
}

@article{MTMT:35000598,
	title = {Dynamic hysteresis effects},
	url = {https://m2.mtmt.hu/api/publication/35000598},
	author = {Li, Mengheng and Mendieta-Munoz, Ivan},
	doi = {10.1016/j.jedc.2024.104870},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {163},
	unique-id = {35000598},
	issn = {0165-1889},
	keywords = {hysteresis; State space models; unobserved components; Time-to-build effect; Trends and cycles; Permanent and transitory shocks},
	year = {2024},
	eissn = {1879-1743}
}

@article{MTMT:34979210,
	title = {Black-box Bayesian inference for agent-based models},
	url = {https://m2.mtmt.hu/api/publication/34979210},
	author = {Dyer, Joel and Cannon, Patrick and Farmer, J. Doyne and Schmon, Sebastian M.},
	doi = {10.1016/j.jedc.2024.104827},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {161},
	unique-id = {34979210},
	issn = {0165-1889},
	keywords = {NEURAL NETWORKS; parameter estimation; Time series; Bayesian inference; Agent-based models; simulation-based inference},
	year = {2024},
	eissn = {1879-1743},
	orcid-numbers = {Dyer, Joel/0000-0002-8304-8450}
}

@article{MTMT:35033536,
	title = {Mission-oriented policies and the "Entrepreneurial State" at work: An agent-based exploration},
	url = {https://m2.mtmt.hu/api/publication/35033536},
	author = {Dosi, Giovanni and Lamperti, Francesco and Mazzucato, Mariana and Napoletano, Mauro and Roventini, Andrea},
	doi = {10.1016/j.jedc.2023.104650},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {151},
	unique-id = {35033536},
	issn = {0165-1889},
	keywords = {innovation policy; Agent-based modelling; Entrepreneurial state; Mission-oriented R&D},
	year = {2023},
	eissn = {1879-1743}
}

@article{MTMT:34599877,
	title = {Bounded rationality and optimal retirement age},
	url = {https://m2.mtmt.hu/api/publication/34599877},
	author = {Park, Hyeon},
	doi = {10.1016/j.jedc.2023.104703},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {154},
	unique-id = {34599877},
	issn = {0165-1889},
	abstract = {This paper explores a lifecycle model of labor supply and endogenous retirement behavior for households whose planning window is truncated and who will reoptimize as extra information on productivity is revealed over time. This short horizon model internalizes the restriction on temporal resource allocation, and the labor supply is closely dependent on the degree of productivity changes in view. With the model, the retirement timing-the moment at which the marginal value from the expected resources drops below a threshold-evolves according to the planning window. Using a discrete time overlapping generations framework with leisure substitutability, in which the constraint on time is explicitly added, I demonstrate that the calibrated model economy reasonably replicates the salient facts regarding lifecycle labor supply and retirement behaviors without a borrowing constraint commonly found in models of leisure-consumption substitut-ability. Furthermore, this result is robust to sensitivity check. With the extended environment of mortality risks and bequests, this paper explicitly quantifies the relationship among retirement age, planning horizon, equilibrium bequests and other lifecycle characteristics from the calibrated general equilibrium.},
	keywords = {Bounded rationality; reoptimization; General equilibrium; endogenous retirement},
	year = {2023},
	eissn = {1879-1743}
}

@article{MTMT:34459449,
	title = {Interbank asset-liability networks with fire sale management},
	url = {https://m2.mtmt.hu/api/publication/34459449},
	author = {Feinstein, Zachary and Halaj, Grzegorz},
	doi = {10.1016/j.jedc.2023.104734},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {155},
	unique-id = {34459449},
	issn = {0165-1889},
	abstract = {Interconnectedness is an inherent feature of the modern financial system. While it contributes to efficiency of financial services, it also creates structural vulnerabilities: pernicious shock transmission and amplification impacting banks' capitalization. This has recently been seen during the Global Financial Crisis. Post-crisis reforms addressed many of the causes of this event, but contagion effects have not been fully eliminated. One reason for this may be related to financial institutions' incentives and strategic behaviours. We propose a model to study contagion in a banking system that captures network effects of direct exposures and indirect effects of market behaviour that may impact asset valuations. By doing so, we can embed a well-established fire sale channel into our model. Unlike in related literature, we relax the assumption that there is an exogenous pecking order of how banks would sell their assets. Instead, banks act rationally in our model; they optimally construct a portfolio subject to budget constraints to raise cash to satisfy creditors (interbank and external). We assume that the guiding principle for banks is to maximize risk adjusted returns generated by their balance sheets. We parameterize the theoretical model with granular and confidential supervisory data for a representative sample of European banks; this allows us to run simulations of bank valuations and asset prices under a set of stress scenarios.},
	year = {2023},
	eissn = {1879-1743}
}

@article{MTMT:34291665,
	title = {Intermediaries' substitutability and financial network resilience: A hyperstructure approach},
	url = {https://m2.mtmt.hu/api/publication/34291665},
	author = {Accominotti, Olivier and Lucena-Piquero, Delio and Ugolini, Stefano},
	doi = {10.1016/j.jedc.2023.104700},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {153},
	unique-id = {34291665},
	issn = {0165-1889},
	abstract = {This article studies the impact of intermediaries' disappearance on firms' access to the sterling money market during the first globalization era of 1880-1914. We propose a new methodology to assess intermediaries' substitutability in financial networks featuring higher-order structures (credit intermediation chains). We represent the financial network as a hyperstructure and each credit intermediation chain as a hyperedge. This approach allows us to assess how the failure of intermediaries affects network connectivity. We apply this methodology to a unique dataset documenting the network structure of the sterling money market in the year 1906. Our results reveal that the failure of individual money market actors could only cause limited damage to the network as intermediaries were highly substitutable. These findings suggest that an international financial network without highly systemic nodes can emerge even at a time of global economic integration.(c) 2023 Elsevier B.V. All rights reserved.},
	keywords = {hypergraphs; Financial networks; systemic risk; Intermediation chains; Bills of exchange; Hyperstructures},
	year = {2023},
	eissn = {1879-1743}
}

@article{MTMT:34280236,
	title = {International trade and technological competition in markets with dynamic increasing returns},
	url = {https://m2.mtmt.hu/api/publication/34280236},
	author = {Fontanelli, Luca and Guerini, Mattia and Napoletano, Mauro},
	doi = {10.1016/j.jedc.2023.104619},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {149},
	unique-id = {34280236},
	issn = {0165-1889},
	abstract = {We build a simple international trade model to study how the interaction between imperfect market selection and technological learning jointly shapes trade patterns as well as firm and industry dynamics. The model features two countries populated by firms heterogeneous in their productivity and size. Market selection is driven by a finite pairwise Polya urn process, while a geometric random walk characterizes the idiosyncratic cumulative firm learning process. We show that the model is able to jointly reproduce a wide ensemble of stylized facts concerning intra-industry trade, industry and firm dynamics as well as realistic dynamics of export and productivity leadership at the country level. A series of sensitivity exercises on the degree of trade openness and the tightness of the market selection process allow us to draw interesting policy insights on concentration, volatility and the dynamics of international leadership in both export shares and aggregate productivity. (c) 2023 Elsevier B.V. All rights reserved.},
	keywords = {international trade; Industrial dynamics; Firm dynamics; market selection},
	year = {2023},
	eissn = {1879-1743},
	orcid-numbers = {Napoletano, Mauro/0000-0002-8128-6674}
}