کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
966347 | 930953 | 2006 | 19 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Global sunspots in OLG models
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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
This paper discusses sunspots equilibria in a context that is general in the sense that: (i) the evolution of the system takes place in a general state space (i.e., a space which is not necessarily finite or even countable); and (ii) the orbits of the unperturbed, deterministic component of the system converge to subsets of the state space which can be more complicated than a stationary state or a periodic orbit, i.e., they can be aperiodic or chaotic. This problem is represented mathematically as a system of stochastic difference equations the invariant probability distributions of which correspond to stationary sunspots equilibria. The conditions for stochastic stability are recalled and the theoretical results are applied to a model of overlapping generations with individuals living three periods. A computational analysis of this model is provided, covering the basic different cases suggested by the theory.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 28, Issue 1, March 2006, Pages 27-45
Journal: Journal of Macroeconomics - Volume 28, Issue 1, March 2006, Pages 27-45
نویسندگان
Gianluca Gazzola, Alfredo Medio,