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Macroeconomic Relaxation: Adjustment Processes of Hierarchical Economic Structures

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Author Info
Aoki, Masanao
Hawkins, Raymond S.

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Abstract

We show how time-dependent macroeconomic response follows from microeconomic dynamics using linear response theory and a time-correlation formalism. This theory provides a straightforward approach to time-dependent macroeconomic model construction that preserves the heterogeneity and complex dynamics of microeconomic agents. We illustrate this approach by examining the relationship between output and demand as mediated by changes in unemployment, or Okun's law. We also demonstrate that time dependence implies overshooting and how this formalism leads to a natural definition of economic friction. --

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File URL: http://www.economics-ejournal.org/economics/journalarticles/2009-17
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Publisher Info
Article provided by Kiel Institute for the World Economy in its journal Economics: The Open-Access, Open-Assessment E-Journal.

Volume (Year): 3 (2009)
Issue (Month): 17 ()
Pages: 1-21
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Handle: RePEc:zbw:ifweej:7603

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Related research
Keywords: Macroeconomic adjustment process; microeconomic dynamics; aggregation; anelastic relaxation; Okun's law; time-correlation formalism;

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This page was last updated on 2009-12-2.


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