Chaotic dynamics in quasi-static systems: theory and applications
Article Abstract:
Macroeconomic static models that are used to explain dynamic phenomena make use of stochastic shocks to approximate aggregate fluctuations in dynamic systems. The stochastic shocks are deemed essential to understanding the transitions between the steady states. This assumption, however, needs to be verified in the light of the dynamics of a non-stochastic dynamic model. This may be done through the use of specific chaotic conditions in general multidimensional systems such as maps.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1999
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Aggregation of linear dynamic microeconomic models
Article Abstract:
Several essential results regarding aggregation of dynamic, stochastic relations were examined. It is proposed that the representative-agent assumption is misleading and the microfoundation of dynamic microeconomics must be based on explicit modeling of heterogeneity across agents. A disadvantage of this modeling approach is that macroeconomic implications of micro theory are difficult to obtain. However, these difficulties are lessened when there is a large number of results.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1999
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Capital market equilibrium with moral hazard and flexible technology
Article Abstract:
The impact of a firm's production technology on the securities in a capital market is discussed.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 2006
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