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Firms’ bankruptcy and turnover in a macroeconomy

  • Economics


Microsoft Word - Paper Rtamboriniwp.doc UNIVERSITA' DEGLI STUDI DI TRENTO - DIPARTIMENTO DI ECONOMIA FIRMS’ BANKRUPTCY AND TURNOVER IN A MACROECONOMY Marco Bee Giuseppe Espa Roberto Tamborini Discussion Paper No. 3, 2002 The Discussion Paper series provides a means for circulating preliminary research results by staff of or visitors to the Department. Its purpose is to stimulate discussion prior to the publication of papers. Requests for copies of Discussion Papers and address changes should be sent to: Prof. Andrea Leonardi Dipartimento di Economia Università degli Studi Via Inama 5 38100 TRENTO ITALY )LUPV �EDQNUXSWF\�DQG�WXUQRYHU�LQ�D PDFURHFRQRP\ � Marco Bee IntesaBci Bank Risk Management, Development & Research Via Verri 4, 20121 Milano, Italy Phone: +39-02-88502121, Fax: +39-02-88507590 E-mail: MARCOBEE@INTESABCI.IT Giuseppe Espa University of Trento, Via Inama 5, 38100 Trento, Italy, Phone +39-0461-882157, Fax. 0461-882101 E-mail: GESPA@RISC1.GELSO.UNITN.IT Roberto Tamborini University of Trento, Department of Economics, Via Inama 5, 38100 Trento, Italy, Tel. 0461-882228, Fax. 0461-882222 E-mail: RTAMBORI@RISC1.GELSO.UNITN.IT Workshop on Economics and Hetereogeneous Interacting Agents Abdus Salam International Centre for Theoretical Physics (ICTP) Trieste (Italy) 30 May - 1 June 2002 *This paper is part of the research project "Sources, evaluation and integrated management of risk in non financial firms" (2000) co-financed by MURST and the University of Trento. The authors are grateful to Kumaraswamy Velupillai and Axel Leijonhufvud for their comments to earlier drafts. FIRMS' BANMKRUPTCY AND TURNOVER IN A MACROECONOMY ���,QWURGXFWLRQ The so-called "rational expectations revolution" that has completely reshaped economic theory and general equilibrium theory in the last two decades has, incidentally, brought earlier ideas on

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