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The Z-Transform Method for Multidimensional Dynamic Economic Systems

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Author Info

  • Xiaoyong Cui

    (Guanghua School of Management, Peking University)

  • Liutang Gong

    (Guanghua School of Management, Peking University)

  • Xiaojun Zhao

    (Guanghua School of Management, Peking University)

  • Heng-fu Zou

    (Guanghua School of Management, Peking University
    Institute for Advanced Studies, Wuhan University
    CEMA in Central University of Finance and Economics)

Abstract

This paper uses the Z-transform to develop a method for solving the linearized multidimensional discrete-time systems, which can be used to discuss the e¡èects of policies on economy (including the welfare gains and initial e¡èects on economy) raised by multi-sector perfect-foresight-discrete-time models. Our method is not restricted on the dimension of the dynamic system, and it cannot only analyze the effect of permanent policy change on the economy, but also it can be used to analyze the e¡èect of temporal policy change on the economy. As an application example, we analyze the effects of fiscal policy on the initial economy and social welfare in the discrete-time Uzawa-Lucas model.

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Bibliographic Info

Paper provided by China Economics and Management Academy, Central University of Finance and Economics in its series CEMA Working Papers with number 532.

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Length: 11 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:cuf:wpaper:532

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Web page: http://cema.cufe.edu.cn/
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Related research

Keywords: Z-transform; Steady-state comparisons; Multi-sector model;

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  1. Ortigueira, Salvador, 1998. "Fiscal policy in an endogenous growth model with human capital accumulation," Journal of Monetary Economics, Elsevier, vol. 42(2), pages 323-355, July.
  2. Meijdam, A.C. & Verhoeven, M.J.M., 1994. "Comparative dynamics in perfect-foresight models," Discussion Paper, Tilburg University, Center for Economic Research 1994-73, Tilburg University, Center for Economic Research.
  3. Casey B. Mulligan & Xavier Sala-i-Martin, 1992. "Transitional Dynamics in Two-Sector Models of Endogenous Growth," NBER Working Papers 3986, National Bureau of Economic Research, Inc.
  4. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, Econometric Society, vol. 48(5), pages 1305-11, July.
  5. Jones, Larry E & Manuelli, Rodolfo E & Rossi, Peter E, 1993. "Optimal Taxation in Models of Endogenous Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 101(3), pages 485-517, June.
  6. Xiaoyong, Cui & Gong, Liutang, 2006. "Laplace transform methods for linearizing multidimensional systems," Economics Letters, Elsevier, vol. 90(2), pages 176-182, February.
  7. Robert E. Lucas Jr., 2003. "Macroeconomic Priorities," American Economic Review, American Economic Association, vol. 93(1), pages 1-14, March.
  8. Chamley, Christophe, 1981. "The Welfare Cost of Capital Income Taxation in a Growing Economy," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 89(3), pages 468-96, June.
  9. Judd, Kenneth L., 1982. "An alternative to steady-state comparisons in perfect foresight models," Economics Letters, Elsevier, vol. 10(1-2), pages 55-59.
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