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Multi-country ABM perspective on business cycles and deleveraging crises
 Mačejovský, Alexander ; Kukačka, Jiří (advisor) ; Baxa, Jaromír (referee)
Multi-country ABM perspective on business cycles and deleveraging crises Thesis Abstract Alexander Maèejovský August 2, 2022 We contribute to the existing literature on macroeconomic impacts of wage exibility by examining complexly interacting open economies which undergo economic crises characterized by debt-de ation. More generally, con- sideration of complexity of interactions and feedback eects between trading countries in our model also constitutes an interesting contribution to the literature on open economies, which usually utilizes small open economy mo- dels. We utilize multi-country agent-based model with decentralized markets which produces endogenous economic crises characterized by de ation and excessive levels of private debt. We examine scenarios with dierent inter- national trade settings and sizes of countries. We nd that under almost all scenarios, more stable wages have stabilizing macroeconomic eects as demand-driven recovery is faster and smoother than the one driven by incre- ased margins of rms and consequent debt deleveraging. Moreover, if coun- tries with dierent levels of wage exibilities trade with each other, recessions in the country with more exible wages become milder as international trade helps to increase sales of crisis-hit rms without initiating crisis of a similar...
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