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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...
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...
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 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.
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 , where are continuous and at every point . 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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