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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...
It is known that the vector stop operator with a convex closed characteristic of class is locally Lipschitz continuous in the space of absolutely continuous functions if the unit outward normal mapping is Lipschitz continuous on the boundary of . We prove that in the regular case, this condition is also necessary.
The asymptotic behaviour for of the solutions to a one-dimensional model for thermo-visco-plastic behaviour is investigated in this paper. The model consists of a coupled system of nonlinear partial differential equations, representing the equation of motion, the balance of the internal energy, and a phase evolution equation, determining the evolution of a phase variable. The phase evolution equation can be used to deal with relaxation processes. Rate-independent hysteresis effects in the strain-stress...
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