{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,28]],"date-time":"2026-04-28T15:48:49Z","timestamp":1777391329062,"version":"3.51.4"},"reference-count":50,"publisher":"SAGE Publications","issue":"3-4","license":[{"start":{"date-parts":[[2019,10,10]],"date-time":"2019-10-10T00:00:00Z","timestamp":1570665600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["Algorithmic Finance"],"published-print":{"date-parts":[[2020,6,8]]},"abstract":"<jats:p>This paper suggests that business cycles may be a manifestation of coupled real economy and stock market dynamics and describes a mechanism that can generate economic fluctuations consistent with observed business cycles. To this end, we seek to incorporate into the macroeconomic framework a dynamic stock market model based on opinion interactions ( Gusev et\u00a0al., 2015 ). We derive this model from microfoundations, provide its empirical verification, demonstrate that it contains the efficient market as a particular regime and establish a link through which macroeconomic models can be attached for the study of real economy and stock market interaction. To examine key effects, we link it with a simple macroeconomic model ( Blanchard, 1981 ). The coupled system generates nontrivial endogenous dynamics, which exhibit deterministic and stochastic features, producing quasiperiodic fluctuations (business cycles). We also inspect this system\u2019s behavior in the phase space. The real economy and the stock market coevolve dynamically along the path governed by a stochastically-forced dynamical system with two stable equilibria, one where the economy expands and the other where it contracts, resulting in business cycles identified as the coherence resonance phenomenon. Thus, the incorporation of stock market dynamics into the macroeconomic framework, as presented here, allows the derivation of realistic behaviors in a tractable setting.<\/jats:p>","DOI":"10.3233\/af-190292","type":"journal-article","created":{"date-parts":[[2019,10,11]],"date-time":"2019-10-11T15:32:52Z","timestamp":1570807972000},"page":"127-148","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":4,"title":["An endogenous mechanism of business cycles"],"prefix":"10.1177","volume":"8","author":[{"given":"Dimitri","family":"Kroujiline","sequence":"first","affiliation":[{"name":"LGT Capital Partners, Pf\u00e4ffikon,\r            Switzerland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Maxim","family":"Gusev","sequence":"additional","affiliation":[{"name":"LGT Capital Partners, Pf\u00e4ffikon,\r            Switzerland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Dmitry","family":"Ushanov","sequence":"additional","affiliation":[{"name":"LGT Capital Partners, Pf\u00e4ffikon,\r            Switzerland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Sergey V.","family":"Sharov","sequence":"additional","affiliation":[{"name":"Lobachevsky State University,\r          Advanced School of General and Applied Physics, N. Novgorod,\r          Russia"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Boris","family":"Govorkov","sequence":"additional","affiliation":[{"name":"Multiscale Trading Systems, Euthal,\r            Switzerland"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"179","published-online":{"date-parts":[[2019,10,10]]},"reference":[{"key":"ref001","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2004.00670.x"},{"key":"ref002","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.08.007"},{"key":"ref003","author":"Beaudry P.","year":"2016","journal-title":"NBER working paper"},{"key":"ref004","doi-asserted-by":"publisher","DOI":"10.1257\/jel.52.4.993"},{"key":"ref005","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.10.003"},{"key":"ref006","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1980.tb02151.x"},{"key":"ref007","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2016.01.008"},{"key":"ref008","first-page":"16","author":"Blanchard O.","year":"2016","journal-title":"Peterson Institute Policy Brief"},{"key":"ref009","first-page":"132","volume":"71","author":"Blanchard O.","year":"1981","journal-title":"American Economic Review"},{"key":"ref010","doi-asserted-by":"publisher","DOI":"10.1016\/S1573-4412(01)05007-3"},{"key":"ref011","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1889(98)00011-6"},{"key":"ref012","doi-asserted-by":"publisher","DOI":"10.2307\/2171879"},{"key":"ref013","first-page":"593","volume":"116","author":"Campbell J.Y.","year":"2014","journal-title":"Scandinavian Journal ofEconomics"},{"key":"ref014","doi-asserted-by":"publisher","DOI":"10.1086\/250059"},{"key":"ref015","doi-asserted-by":"publisher","DOI":"10.1016\/S0573-8555(05)77010-3"},{"key":"ref016","unstructured":"ChristianoL.J.,             EichenbaumM.S.,             TrabandtM. 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