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While highly flexible, the model is straightforward to estimate by maximum likelihood. We apply the model to three datasets for Eurozone sovereign credit risk over the period Dec\u20102009 to Dec\u20102022. Accounting for both heterogeneity and time\u2010variation turns out to be empirically important both in\u2010sample and out\u2010of\u2010sample. The new model uncovers intuitive patterns that would go unnoticed in either homogeneous and\/or static spatial financial network models.<\/jats:p>","DOI":"10.1002\/jae.3013","type":"journal-article","created":{"date-parts":[[2023,12,15]],"date-time":"2023-12-15T01:05:37Z","timestamp":1702602337000},"page":"150-173","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":7,"title":["Heterogeneity and dynamics in network models"],"prefix":"10.1002","volume":"39","author":[{"given":"Enzo","family":"D'Innocenzo","sequence":"first","affiliation":[{"name":"University of Bologna  Bologna Italy"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Andr\u00e9","family":"Lucas","sequence":"additional","affiliation":[{"name":"Vrije Universiteit Amsterdam  Amsterdam Netherlands"},{"name":"Tinbergen Institute  Amsterdam Netherlands"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Anne","family":"Opschoor","sequence":"additional","affiliation":[{"name":"Vrije Universiteit Amsterdam  Amsterdam Netherlands"},{"name":"Tinbergen Institute  Amsterdam Netherlands"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Xingmin","family":"Zhang","sequence":"additional","affiliation":[{"name":"School of Finance Southwestern University of Finance and Economics  Chengdu China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2023,12,14]]},"reference":[{"key":"e_1_2_9_2_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20130456"},{"key":"e_1_2_9_3_1","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12206"},{"key":"e_1_2_9_4_1","doi-asserted-by":"publisher","DOI":"10.1198\/073500106000000332"},{"key":"e_1_2_9_5_1","doi-asserted-by":"publisher","DOI":"10.4135\/9780857020130.n14"},{"key":"e_1_2_9_6_1","doi-asserted-by":"publisher","DOI":"10.1002\/jae.2792"},{"key":"e_1_2_9_7_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2013.08.015"},{"key":"e_1_2_9_8_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2019.04.020"},{"key":"e_1_2_9_9_1","doi-asserted-by":"crossref","unstructured":"Bill\u00e9 A. 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