The Current Economic Crisis and Lessons for Economic Theory

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Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries (2011, background): “Themain event at this period is the global financial crisis initiated from the export of US toxic mortgages to the rest of the world, as assetbacked securities (Stiglitz 2009), which can be regarded as an aggregate demand-side oil price shock (International Energy Agency 2009).”
Complex agent-based macroeconomics: a manifesto for a new paradigm (2010, background): “... is a key determinant of the recent financial turmoil; that a macroeconomic system in general—and the financial system in particular—is in its essence a network, with nodes defined by agents and links defined by contractual obligations among them; that systemic risk in such a network is endogenou”