We propose a model economy consisting of interdependent real, monetary and stock markets. The money market is influenced by the real one through a standard LM equation. Private expenditures depend on stock prices, which in turn are affected by interest rates and real profits, as these contribute to determine the participation level in the stock market. An evolutionary mechanism regulates agents’ participation in the stock market on the basis of a fitness measure that depends on the comparison between the stock return and the interest rate. Relying on analytical investigations complemented by numerical simulations, we study the economically relevant static and dynamic properties of the equilibrium, identifying the possible sources of instabilities and the channels through which they spread across markets. We aim at understanding what micro- and macro-factors affect the dynamics and, at the same time, how the dynamics of asset prices, which are ultimately influenced by the money market, behave over the business cycle. Starting from isolated markets, we show the effect of increasing the market interdependence on the national income, the stock price and the share of agents that participate in the stock market at the equilibrium. Moreover, we investigate the stabilizing/destabilizing role of market integration and the possible emergence of out-of-equilibrium dynamics.

我们提出了一个由相互依赖的真实，货币和股票市场组成的模型经济。货币市场通过标准的LM方程受到实际市场的影响。私人支出取决于股票价格，而股票价格又受利率和实际利润的影响，因为这些因素决定了股票市场的参与程度。进化机制根据适应性度量标准来调节代理商对股票市场的参与，适应性度量标准取决于股票收益率和利率之间的比较。依靠分析研究和数值模拟的补充，我们研究了均衡的与经济相关的静态和动态特性，确定了不稳定的可能来源以及它们在市场中传播的渠道。我们旨在了解哪些微观和宏观因素会影响动态，同时，最终受货币市场影响的资产价格动态会在整个业务周期中表现如何。从孤立的市场开始，我们显示出增加市场相互依赖性对国民收入，股票价格和均衡参与股票市场的代理商份额的影响。此外，我们调查了市场整合的稳定/破坏稳定作用以及失衡动态的可能出现。股票价格和处于均衡状态的参与股票市场的代理商的份额。此外，我们调查了市场整合的稳定/破坏稳定作用以及失衡动态的可能出现。股票价格和处于均衡状态的参与股票市场的代理商的份额。此外，我们调查了市场整合的稳定/破坏稳定作用以及失衡动态的可能出现。