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Modelos económicos con múltiples regímenes

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  • Juan Gabriel Brida

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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File URL: http://decon.edu.uy/publica/2000/Doc1600.pdf
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Bibliographic Info

Paper provided by Department of Economics - dECON in its series Documentos de Trabajo (working papers) with number 1600.

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Length: 19 pages
Date of creation: Oct 2000
Date of revision:
Handle: RePEc:ude:wpaper:1600

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  1. repec:fth:repuec:9/00 is not listed on IDEAS
  2. Neftici, Salih N., 1982. "Optimal prediction of cyclical downturns," Journal of Economic Dynamics and Control, Elsevier, vol. 4(1), pages 225-241, November.
  3. Steven N. Durlauf & Danny T. Quah, 1998. "The New Empirics of Economic Growth," NBER Working Papers 6422, National Bureau of Economic Research, Inc.
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  5. Lucas, Robert E., 1977. "Understanding business cycles," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 7-29, January.
  6. Howitt, Peter, 1985. "Transaction Costs in the Theory of Unemployment," American Economic Review, American Economic Association, vol. 75(1), pages 88-100, March.
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  8. Blad, Michael C., 1981. "Exchange of stability in a disequilibrium model," Journal of Mathematical Economics, Elsevier, vol. 8(2), pages 121-145, July.
  9. Ito, Takatoshi, 1980. "Disequilibrium growth theory," Journal of Economic Theory, Elsevier, vol. 23(3), pages 380-409, December.
  10. 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..
  11. Blad, Michael C. & Christopher Zeeman, E., 1982. "Oscillations between repressed inflation and Keynesian equilibria due to inertia in decision making," Journal of Economic Theory, Elsevier, vol. 28(1), pages 165-182, October.
  12. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
  13. Howitt, P. & Mcfee, R.P., 1990. "Animal Spirits," UWO Department of Economics Working Papers 9005, University of Western Ontario, Department of Economics.
  14. 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.
  15. Goldfeld, Stephen M. & Quandt, Richard E., 1973. "A Markov model for switching regressions," Journal of Econometrics, Elsevier, vol. 1(1), pages 3-15, March.
  16. P. Diamond, 1980. "Aggregate Demand Management in Search Equilibrium," Working papers 268, Massachusetts Institute of Technology (MIT), Department of Economics.
  17. 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.
  18. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May.
  19. 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.
  20. Simon M. Potter, 1993. "A Nonlinear Approach to U.S. GNP," UCLA Economics Working Papers 693, UCLA Department of Economics.
  21. Cooper, Russell & John, Andrew, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, MIT Press, vol. 103(3), pages 441-63, August.
  22. Juan Gabriel Brida, 2000. "Symbolic Time Series Analysis in Economics," Documentos de Trabajo (working papers) 1000, Department of Economics - dECON.
  23. repec:fth:osakae:401 is not listed on IDEAS
  24. repec:fth:repuec:10/00 is not listed on IDEAS
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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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