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disequilibrium. We develop a new methodology to improve the estimation of a reduced form disequilibrium model from the existing … disequilibrium model includes as a special case the foundational model of Maddala and Nelson (1974), off of which we build. We … find that our new shortage indicator informed disequilibrium model fits the data better than the Maddala and Nelson model …
Persistent link: https://www.econbiz.de/10014000546
with his Ph.D thesis and still continues, is important and deserves attention. It lies firmly in the Keynesian macro-disequilibrium …. However, the development of agent based modelling and behavioural economics will perhaps give disequilibrium macroeconomics a …
Persistent link: https://www.econbiz.de/10014278230
Cumulative causation arises when a process is self-reinforcing and grows ever stronger, so that it does not equilibrate. It will continue indefinitely unless it is checked by outside intervention or leads to a crisis and systemic breakdown. Ideas of cumulative causation have numerous...
Persistent link: https://www.econbiz.de/10014451327
Equilibrium assumptions posit relations between different people's beliefs and behavior without describing a process that causes these relations to hold. I show that because equilibrium models do not describe a causal process whereby one endogenous variable affects another, attempts to decompose...
Persistent link: https://www.econbiz.de/10014581832
kinds of locally unstable behavior. Economic disequilibrium is the rule in such a world and requires the presence of market … mechanisms that make possible continued viability. If in addition to local instability economies are also globally unstable, as …
Persistent link: https://www.econbiz.de/10010334895
using a dynamic, disaggregate economic model based upon principles of bounded rationality and markets in disequilibrium. The …
Persistent link: https://www.econbiz.de/10010335025
disequilibrium is introduced by allowing for a sluggish adjustment of wages and prices. The model of the firm is complemented by …
Persistent link: https://www.econbiz.de/10010398217
The paper seeks to lay out a stock-flow-based theoretical framework that provides a foundation for a general theory of pricing. Contemporary marginalist economics is usually based on the assumption that prices are set in line with the value placed on goods by consumers. It does not take into...
Persistent link: https://www.econbiz.de/10010513048
, it is possible to identify most of the micro structure of an economy in disequilibrium from observed aggregate variables …. The paper discusses different possible indicators of disequilibrium in the labor market and presents some illustrative …
Persistent link: https://www.econbiz.de/10011967911
This article is concerned with disequilibrium regime switching model to capture different regimes in the US gasoline …
Persistent link: https://www.econbiz.de/10011991443