کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
957151 928511 2006 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Threshold behavior and aggregate fluctuation
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Threshold behavior and aggregate fluctuation
چکیده انگلیسی
This paper concerns a propagation mechanism in an economy where many individuals follow a threshold rule and interact with a positive feedback. We derive an asymptotic distribution of the propagation size when the number of the agents tends to infinity. The propagation distribution exhibits a slower convergence to a deterministic value than it would if the agents followed a smooth adjustment policy. This gives rise to significant aggregate fluctuations in a finite lumpy-adjusting economy even when the agents are hit by small independent shocks.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 127, Issue 1, March 2006, Pages 309-322
نویسندگان
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