کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5055860 | 1371502 | 2009 | 6 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
A Metzlerian business cycle model with nonlinear heterogeneous expectations
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Metzler's model is an important contribution to our understanding of the dynamics of business cycles. In his model, the production of consumption goods depends on expected future sales. However, Metzler assumes that producers are homogeneous and follow a simple expectation formation rule. Taking into account that in reality producers might not only follow several expectation formation rules, but might also even switch between them, we reformulate Metzler's original model. As it turns out endogenous business cycles may emerge within our model, i.e. changes in production and inventory are (quasi-)periodic for certain parameter combinations.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 26, Issue 3, May 2009, Pages 715-720
Journal: Economic Modelling - Volume 26, Issue 3, May 2009, Pages 715-720
نویسندگان
Michael Wegener, Frank Westerhoff, Georg Zaklan,