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Spatial discounting, Fourier, and racetrack economy: A recipe for the analysis of spatial agglomeration models

Akamatsu, Takashi; Takayama, Yuki; Ikeda, Kiyohiro - In: Journal of Economic Dynamics and Control 36 (2012) 11, pp. 1729-1759

We provide an analytical approach that facilitates understanding the bifurcation mechanism of a wide class of economic models involving spatial agglomeration of economic activities. The proposed method overcomes the limitations of the Turing (1952) approach that has been used to analyze the...

Persistent link: https://www.econbiz.de/10011051967

Herding, trend chasing and market volatility

Di Guilmi, Corrado; He, Xue-Zhong; Li, Kai - In: Journal of Economic Dynamics and Control 48 (2014) C, pp. 349-373

We introduce a heterogeneous agent asset pricing model in continuous-time to show that, although trend chasing, switching and herding all contribute to market volatility in price and return and to volatility clustering, their impacts are different. The fluctuations of the market price and return...

Persistent link: https://www.econbiz.de/10011077524

Money, random matching and endogenous growth: A quantitative analysis

Chu, Angus C.; Kan, Kamhon; Lai, Ching-Chong; Liao, … - In: Journal of Economic Dynamics and Control 41 (2014) C, pp. 173-187

In this study, we develop a search-and-matching monetary growth model to analyze the effects of inflation on economic growth and social welfare by introducing endogenous economic growth via capital externality into a two-sector search-and-matching model. We find that the channel through which...

Persistent link: https://www.econbiz.de/10010779382

Formation of rationally heterogeneous expectations

Pfajfar, Damjan - In: Journal of Economic Dynamics and Control 37 (2013) 8, pp. 1434-1452

This paper models expectation formation by taking into account that agents may produce heterogeneous expectations because of informational frictions and differing levels of a capacity to process information. We show that there are two general classes of steady states within this framework: those...

Persistent link: https://www.econbiz.de/10010679090

Non-separability and sectoral comovement in a sticky price model

Kim, Kwang Hwan; Katayama, Munechika - In: Journal of Economic Dynamics and Control 37 (2013) 9, pp. 1715-1735

This paper resolves the sectoral comovement problem between nondurable and durable outputs that arises in response to a monetary shock in a two-sector sticky price model with flexibly priced durable goods. We analytically demonstrate that the non-separability between aggregate consumption and...

Persistent link: https://www.econbiz.de/10010871002

Optimal interest-rate rules and inflation stabilization versus price-level stabilization

Giannoni, Marc P. - In: Journal of Economic Dynamics and Control 41 (2014) C, pp. 110-129

This paper compares the properties of interest-rate rules such as simple Taylor rules and rules that respond to price-level fluctuations (called Wicksellian rules) in a basic forward-looking model. By introducing appropriate history dependence in policy, Wicksellian rules perform better than...

Persistent link: https://www.econbiz.de/10010779385

Structural change and income distribution: An inverted-U relationship

Patriarca, Fabrizio; Vona, Francesco - In: Journal of Economic Dynamics and Control 37 (2013) 8, pp. 1641-1658

This paper constructs a disequilibrium model in order to analyse the structural transition characterized by the emergence of a new sector. We show that, in an economy where preferences and technology adapt over time, multiple long-term outcomes are mainly brought about by different distributive...

Persistent link: https://www.econbiz.de/10010679081

Stability of the World Trade Web over time – An extinction analysis

Foti, Nicholas J.; Pauls, Scott; Rockmore, Daniel N. - In: Journal of Economic Dynamics and Control 37 (2013) 9, pp. 1889-1910

can play an important role in the evaluation of the stability of economic systems. …

Persistent link: https://www.econbiz.de/10011051898

Heterogeneous beliefs and adaptive behaviour in a continuous-time asset price model

He, Xue-Zhong; Li, Kai - In: Journal of Economic Dynamics and Control 36 (2012) 7, pp. 973-987

adaptive behaviour of heterogeneous agents and market stability impact of lagged price used by chartists to form their … used by the chartists on market stability. For the stochastic model, we demonstrate that the interaction and boundedly …

Persistent link: https://www.econbiz.de/10010574003

Heterogeneous beliefs in over-the-counter markets

De Kamps, Marc; Ladley, Daniel; Simaitis, Aistis - In: Journal of Economic Dynamics and Control 41 (2014) C, pp. 50-68

The behavior and stability of over-the-counter markets is of central concern to regulators. Little is known, however … populated by boundedly rational heterogeneous traders in which the structure is represented by a network. Stability is found to … presence of hubs, such as those found in scale free networks increases stability and decreases volatility whilst small …

Persistent link: https://www.econbiz.de/10010779386

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