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A continuum of path-dependent equilibrium solutions induced by sticky expectations

Pavel Krejčí, Eyram Kwame, Harbir Lamba, Dmitrii Rachinskii, Andrei Zagvozdkin (2023)

Applications of Mathematics

We analyze a simple macroeconomic model where rational inflation expectations are replaced by a boundedly rational, and genuinely sticky, response to changes in the actual inflation rate. The stickiness is introduced in a novel way using a mathematical operator that is amenable to rigorous analysis. We prove that, when exogenous noise is absent from the system, the unique equilibrium of the rational expectations model is replaced by an entire line segment of possible equilibria with the one chosen...

A study of the dynamic of influence through differential equations∗

Emmanuel Maruani, Michel Grabisch, Agnieszka Rusinowska (2012)

RAIRO - Operations Research

The paper concerns a model of influence in which agents make their decisions on a certain issue. We assume that each agent is inclined to make a particular decision, but due to a possible influence of the others, his final decision may be different from his initial inclination. Since in reality the influence does not necessarily stop after one step, but may iterate, we present a model which allows us to study the dynamic of influence. An innovative...

A study of the dynamic of influence through differential equations∗

Emmanuel Maruani, Michel Grabisch, Agnieszka Rusinowska (2012)

RAIRO - Operations Research

The paper concerns a model of influence in which agents make their decisions on a certain issue. We assume that each agent is inclined to make a particular decision, but due to a possible influence of the others, his final decision may be different from his initial inclination. Since in reality the influence does not necessarily stop after one step, but may iterate, we present a model which allows us to study the dynamic of influence. An innovative...

Applications of regime-switching models based on aggregation operators

Jozef Komorník, Magda Komorníková (2007)

Kybernetika

A synthesis of recent development of regime-switching models based on aggregation operators is presented. It comprises procedures for model specification and identification, parameter estimation and model adequacy testing. Constructions of models for real life data from hydrology and finance are presented.

Chaotic behaviour of continuous dynamical system generated by Euler equation branching and its application in macroeconomic equilibrium model

Barbora Volná (2015)

Mathematica Bohemica

We focus on the special type of the continuous dynamical system which is generated by Euler equation branching. Euler equation branching is a type of differential inclusion x ˙ ∈ { f ( x ) , g ( x ) } , where f , g : X ⊂ ℝ n → ℝ n are continuous and f ( x ) ≠ g ( x ) at every point x ∈ X . It seems this chaotic behaviour is typical for such dynamical system. In the second part we show an application in a new formulated overall macroeconomic equilibrium model. This new model is based on the fundamental macroeconomic aggregate equilibrium model called the IS-LM model....

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