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Quasi-Static Macroeconomic Systems

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  • Jamsheed Shorish

    ()
    (Department of Economics, University of Aarhus, Denmark)

Abstract

This paper applies quasi-static analysis to a simple closed macroeconomy. It is shown that if the economy satisfies a conservation of income requirement, and the requirement that all equivalent investments generate the same rate of return (non- arbitrage), then there exists a state variable which measures the opportunity cost of moving from one macroeconomic equilibrium to another. This state variable is an economic constraint which measures the expenditure necessary to change equilibria. Central to this analysis is a definition of economic time, which is an invariant quantity with respect to the state variables used as a frame of reference.

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File URL: ftp://ftp.econ.au.dk/afn/wp/00/wp00_3.pdf
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Bibliographic Info

Paper provided by School of Economics and Management, University of Aarhus in its series Economics Working Papers with number 2000-3.

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Length: 26
Date of creation:
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Handle: RePEc:aah:aarhec:2000-3

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Web page: http://www.econ.au.dk/afn/

Related research

Keywords: Quasi-static systems; thermodynamics; non-arbitrage; opportunity cost; conservative systems;

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Cited by:
  1. Bo Sandemann Rasmussen, . "Government Debt and Capital Accumulation in the Blanchard-Cass-Yaari OLG Model," Economics Working Papers 2000-14, School of Economics and Management, University of Aarhus.
  2. Effrosyni Diamantoudi, . "Equilibrium Binding Agreements under Diverse Bahavioral Assumptions," Economics Working Papers 2001-2, School of Economics and Management, University of Aarhus.
  3. Nikolaj Malchow-Moeller & Bo Jellesmark Thorsen, . "Investment under Uncertainty - the Case of Repeated Investment Options," Economics Working Papers 2000-15, School of Economics and Management, University of Aarhus.
  4. Boriss Siliverstovs, . "The Bi-parameter Smooth Transition AutoRegressive model," Economics Working Papers 2000-16, School of Economics and Management, University of Aarhus.
  5. Nikolaj Malchow-Moeller & Bo Jellesmark Thorsen, . "A Dynamic Agricultural Household Model with Uncertain Income and Irreversible and Indivisible Investments under Credit Constraints," Economics Working Papers 2000-7, School of Economics and Management, University of Aarhus.

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