Gold rush fever in business cycles

  • 1 January 2006
    • preprint
    • Published in RePEc
Abstract
This paper presents a model of macroeconomic fluctuations driven by agents competing to secure shares in new markets. The resulting fluctuation resemble a gold rush in the sence that they increase economic activity but may be of limited social gain. We use different techniques to evaluate the potential importance of this type of phenomena in business cycle fluctuations

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