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Modelos Económicos con Múltiples Regímenes

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  • Elvio Accinelli

    ()
    (Universidad Autónoma Metropolitana (Unidad Azcapotzalco) y Universidad Autónoma de San Luis Potosí)

  • Juan Gabriel Brida

    ()
    (Free University of Bolzano)

Abstract

In this paper we introduce the concept of economic regime. We review the basic notions and different definitions of economic regime and regime switching to describe how these notions appear implicitly or explicitly in different areas of the economic literature. Then we introduce a method to represent dynamics across regimes in multiple regime economic models. In these models the state space of the economy can be divided in regions, each of them representing a different regime of the economy. Then, we have a twofold dynamics: one within a given regime and one across regimes. To represent the dynamics across regimes, each regime is labeled with a symbol and so doing, the domain is a set of symbols representing the possible states of the economy. Then the evolution of the economy is represented by a coded dynamics. The latter is related with the more formal, mathematical branch called symbolic dynamics. Such proximity often permits the use of formal techniques that are well established in the mathematician's tool box to represent dynamics across regimes with directed graphs and matrices and to extract dynamical properties of the models.

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Bibliographic Info

Article provided by Tecnológico de Monterrey, Campus Ciudad de México in its journal Revista de Administración, Finanzas y Economía (Journal of Management, Finance and Economics).

Volume (Year): 1 (2007)
Issue (Month): 2 ()
Pages: 96-115

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Handle: RePEc:ega:rafega:200707

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Web page: http://www.ccm.itesm.mx/egap/
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Related research

Keywords: Régimen económico; Modelos con múltiples regímenes; Dinámica simbólica;

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  1. Galor, Oded & Zeira, Joseph, 1988. "Income Distribution and Macroeconomics," MPRA Paper 51644, University Library of Munich, Germany, revised 01 Sep 1989.
  2. Simon M. Potter, 1993. "A Nonlinear Approach to U.S. GNP," UCLA Economics Working Papers 693, UCLA Department of Economics.
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  4. Durlauf, Steven N & Johnson, Paul A, 1995. "Multiple Regimes and Cross-Country Growth Behaviour," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 10(4), pages 365-84, Oct.-Dec..
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  6. Steven N. Durlauf & Danny T. Quah, 1998. "The New Empirics of Economic Growth," Working Papers 98-01-012, Santa Fe Institute.
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  8. Punzo, L.F., 1996. "Industrial Dynamics and Structural Change: A Framework for the Analysis of Sectoral Dynamics in a Set of Countries," ISER Discussion Paper 0401, Institute of Social and Economic Research, Osaka University.
  9. Lionello F. Punzo, 1995. "Some Complex Dynamics for a Multisectoral Model of the Economy," Revue Économique, Programme National Persée, vol. 46(6), pages 1541-1559.
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  18. Lucas, Robert E., 1977. "Understanding business cycles," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 7-29, January.
  19. Hamilton, James D, 1989. "A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle," Econometrica, Econometric Society, vol. 57(2), pages 357-84, March.
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  22. Brida, Juan G. & Anyul, Martin Puchet & Punzo, Lionello F., 2003. "Coding economic dynamics to represent regime dynamics. A teach-yourself exercise," Structural Change and Economic Dynamics, Elsevier, vol. 14(2), pages 133-157, June.
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Cited by:
  1. Juan Gabriel Brida & Nicolás Garrido & Silvia London, 2011. "Estudio del Desempeño Económico Regional: el caso Argentino," Documentos de Trabajo en Economia y Ciencia Regional 12, Universidad Catolica del Norte, Chile, Department of Economics, revised May 2011.

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