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Path Dependency
Setterfield, Mark - 2015
, and hysteresis – are analyzed. The relationships between path dependency and equilibrium, and path dependency and …
Persistent link: https://www.econbiz.de/10013015044
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Path-dependent Equilibria Induced by Genuinely Sticky Expectations
Lamba, Harbir - 2017
We investigate a simple macroeconomic model where rational inflation expectations is replaced by a boundedly rational, sticky, response to changes in the actual inflation rate. Our expectations rule differs from standard sticky models and incorporates truly 'stuck' behavior as opposed to delayed...
Persistent link: https://www.econbiz.de/10012947778
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Path Dependency, Hysteresis and Macrodynamics
Setterfield, Mark - 2009
focus on hysteresis. It is argued that hysteresis is a particular type of (rather than a synonym for) path dependency, and … equilibrium. Distinctions are made between stating (or assuming) hysteresis, characterizing hysteresis, and providing a model of … hysteresis, and concrete examples of appeals to hysteresis in macrodynamic analysis are used to illustrate these distinctions …
Persistent link: https://www.econbiz.de/10014213116
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Path Dependent Optimal Transport and Model Calibration on Exotic Derivatives
Guo, Ivan - 2019
In this paper, we introduce and develop the theory of semimartingale optimal transport in a path dependent setting. Instead of the classical constraints on marginal distributions, we consider a general framework of path dependent constraints. Duality results are established, representing the...
Persistent link: https://www.econbiz.de/10012896686
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Path dependence in aggregate output
Durlauf, Steven N. - 1991
Persistent link: https://www.econbiz.de/10000816945
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Path dependence in aggregate output
Durlauf, Steven N. - 1991
Persistent link: https://www.econbiz.de/10000816954
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Notes on COVID-19, potential GDP, and hysteresis
Michl, Thomas R. - In: Review of political economy 33 (2021) 3, pp. 480-486
Persistent link: https://www.econbiz.de/10012589634
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Path Dependence in Aggregate Output
Durlauf, Steven N. - 2021
This paper studies an economy in which incomplete markets and strong complementarities interact to generate path dependent aggregate output fluctuations. An economy is said to be path dependent when the effect of a shock on the level of aggregate output is permanent in the absence of future...
Persistent link: https://www.econbiz.de/10013214598
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A primal Divisia technical change index based on the output distance function
Feng, Guohua; Serletis, Apostolos - 2010
Persistent link: https://www.econbiz.de/10008661667
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Path Dependence in Aggregate Output
Durlauf, Steven N. - 1991
This paper studies an economy in which incomplete markets and strong complementarities interact to generate path dependent aggregate output fluctuations. An economy is said to be path dependent when the effect of a shock on the level of aggregate output is permanent in the absence of future...
Persistent link: https://www.econbiz.de/10012475289