Endogenous crisis waves: a stochastic model with synchronized collective   behavior
  We propose a simple framework to understand commonly observed crisis waves in macroeconomic Agent Based models, that is also relevant to a variety of other physical or biological situations where synchronization occurs. We compute exactly the phase diagram of the model and the location of the synchronization transition in parameter space. Many modifications and extensions can be studied, confirming that the synchronization transition is extremely robust against various sources of noise or imperfections. 
Stanislao Gualdi, Jean-Philippe Bouchaud, Giulia Cencetti, Marco   Tarzia, Francesco Zamponi
cond-mat.stat-mech q-fin.EC