We propose a class of discrete-time dynamic average consensus algorithms that allow a group of agents to track the average of their reference inputs. The convergence results rely on the input-to-output stability properties of static average consensus algorithms and require that the union of communication graphs over a bounded period of time be strongly connected. The only requirement Nike Basket Blazer Mid Femme on the set of reference inputs is that the maximum relative deviation between Blazer Nike Femme Bleu the nnth-order differences of any two reference inputs be bounded for some integer n≥1n≥1.
This paper examines how a shock to collateral value influences firms’ debt capacities and investments. Using a source of exogenous variation in collateral value provided by the land market collapse in Japan, I find that collateral has a statistically and economically significant impact on corporate investments. I also provide direct evidence on the workings of such a collateral channel. Exploiting a unique dataset of matched bank-firm lending, I show that firms with greater collateral losses are less likely to sustain their banking relationships and tend to obtain a smaller amount of bank credit.
Stylized facts are persistent macro-regularities which cannot be described Blazer Noir in terms of microeconomic theory. Through the argument of multiple realizability, this methodological paper claims that a top down agent-based econophysics can contribute to a better understanding of complex economic systems in two ways: on the one hand, it clarifies the gap between micro and macro scales by proving an algorithmic derivability of the latter; and on the other hand, this modelling provides microfoundations (and then potentially an economic meaning) to macro-patterns usually identified in the observation of these complex systems.
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