Dynamic (S,S) Economies
AbstractIn this paper, the authors provide a framework to study the aggregate dynamic behavior of an economy where individual units follow (S, s) policies and are subject to aggregate and idiosyncratic shocks. They characterize structural and stochastic heterogeneities that ensure convergence of the economy's aggregate to that of its (stochastic) frictionless counterpart, determine the speed at which convergence takes place, and describe the transitional dynamics of this economy. They study the evolution of the economy's aggregate and the evolution of the difference between this aggregate and that of the difference between this aggregate and that of an economy without microeconomic friction, where the latter pertains to a situation where individual units adjust with no delay to all shocks. Copyright 1991 by The Econometric Society.
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Bibliographic InfoPaper provided by Columbia University, Department of Economics in its series Discussion Papers with number 1990_44.
Length: 35 pages
Date of creation: 1990
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economic behaviour ; macroeconomics ; policy making ; economic models;
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