Showing 1 - 10 of 1,505
, and hysteresis – are analyzed. The relationships between path dependency and equilibrium, and path dependency and …
Persistent link: https://www.econbiz.de/10013015044
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
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
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
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
Persistent link: https://www.econbiz.de/10012589634
This study examines the effect of GDP per capita on the Gini index, which measures income concentration, in Colombia. The methodology used is an econometric analysis of time series with data extracted from the Inter-American Development Bank and the World Bank. The econometric results suggest...
Persistent link: https://www.econbiz.de/10013324404
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
Persistent link: https://www.econbiz.de/10008661667
This paper analyzes the performative impact of the European Commission's model for estimating 'potential output', which is used as a yardstick for measuring the 'structural budget balance' of EU countries and, hence, is crucial for coordinating European fiscal policies. In pre-crisis years,...
Persistent link: https://www.econbiz.de/10011779387