Tommaso Ferraresi presenterà il paper dal titolo Credit Market in an Agent-Based Model of Endogenous Growth with Locally Interacting Agents
“This paper investigates how the patterns of growth and volatility of aggregate output are impacted by different credit-market structures in economies characterized by endogenous innovation. We extend the “island” (agent-based) model originally introduced in Fagiolo and Dosi (2003) to allow for a stylized banking sector that finances risky and safe projects, in environments where there exists a strong uncertainty about the returns from R&D activity. Our main aim is to study technological and financial conditions under which the credit sector can manage the trade-off between growth and volatility, when the economy faces the choice between exploration of new knowledge bases and exploitation of existing ones. In particular, we want to assess the role played by concentration in the banking sector and bank risk-aversion in efficiently allocating credit to heterogeneous risky projects undertaken by stylized entrepreneurs.”

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