Towards applied disequilibrium growth theory. 3. Basic partial feedback structures and stability issues PDF Download
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Author: Carl Chiarella
Publisher:
ISBN:
Category :
Languages : en
Pages : 51
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Author: Carl Chiarella
Publisher:
ISBN:
Category :
Languages : en
Pages : 51
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Book Description
Author: Carl Chiarella
Publisher:
ISBN:
Category :
Languages : en
Pages : 43
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In this paper we investigate further the 34D applied structural model whose extensive form we introduced in Chiarella and Flaschel (1999c). Here we express the model in terms of intensive form state variables, thereby abstracting from the underlying growth trend. We explain the dynamic (and static) laws of the model directly in terms of the intensive form variables, and then determine the steady state and its characteristics. Finally we show how a small number of simplifying assumptions, concerning in particular consumption of asset holders and some secondary adjustment processes, reduce the 34D model to an 18D core model. It is this latter core model whose detailed structure, steady state characteristics and dynamical behavior will become the object of study in the remaining papers of this sequence.
Author: Carl Chiarella
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages :
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Author: Charles van Marrewijk
Publisher: Ashgate Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 184
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Static disequilibrium economic theory fails to analyse the dynamic effects of market disequilibrium, whereas standard growth theory always assumes markets to be in equilibrium. Both shortcomings can be overcome by disequilibrium growth theory. A problem arises, however, because different short term disequilibrium regimes give rise to differential equations. The dynamic analysis, therefore, has to take into consideration the possibility of regime switching. Various solutions have been put forward for this problem, but they generally do not give unique solutions. The method developed by Filippov gives a unique solution that coincides with the classical solution to differential equations in the interior of the regimes. This approach has been used in several papers in the past decade. This book seeks to fill the gap in the literature on what has been achieved so far.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Author: Carl Chiarella
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages :
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Author: Carl Chiarella
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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In this paper we consider the applied structural model of diequilibrium growth that we introduced in a previous paper. In particular we express the model in terms of intensive form variables which turn out to be governed by a set of 39D dynamic equations. We consider the model from the perspective of national accounts and also determine and analyze the model's steady state. The model allows for smooth input and output substitution (via a neoclassical production function) between its three inputs (capital, imported commodities and labor) and two outputs (domestically traded goods and exported commodities).
Author: Carl Chiarella
Publisher:
ISBN:
Category :
Languages : en
Pages : 64
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In this paper we build a hierarchically structured continuous-time model of Keynesian monetary growth. The model is sufficiently rich with respect to markets, sectors and agents and consistent with respect to budget constraints to capture sufficient broad details of actual macroeconomies and so serve as a macrotheoretic basis for many large scale models. We describe the model at the level of national accounts and then derive its extensive form dynamics. We also give detailed discussion as to how our model is related to the large scale Murphy model of the Australian economy. Our model provides a basis for understanding the various economic feedback chains contained in such models and their dynamic interaction.
Author: Carl Chiarella
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Author: Carl Chiarella
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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