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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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References

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  1. Galor, Oded & Zeira, Joseph, 1988. "Income Distribution and Macroeconomics," MPRA Paper 51644, University Library of Munich, Germany, revised 01 Sep 1989.
  2. Potter, Simon M, 1995. "A Nonlinear Approach to US GNP," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 10(2), pages 109-25, April-Jun.
  3. 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.
  4. Goldfeld, Stephen M. & Quandt, Richard E., 1973. "A Markov model for switching regressions," Journal of Econometrics, Elsevier, vol. 1(1), pages 3-15, March.
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  6. Durlauf,S.N. & Quah,D.T., 1998. "The new empirics of economic growth," Working papers 3, Wisconsin Madison - Social Systems.
  7. Blad, Michael C., 1981. "Exchange of stability in a disequilibrium model," Journal of Mathematical Economics, Elsevier, vol. 8(2), pages 121-145, July.
  8. 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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  12. 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.
  13. Hamilton, James D, 1989. "A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle," Econometrica, Econometric Society, vol. 57(2), pages 357-84, March.
  14. Durlauf, S.M. & Johnson, P.A., 1995. "Multiple Regimes and Cross-Country Growth Behavior," Working papers 9419r, Wisconsin Madison - Social Systems.
  15. Ito, Takatoshi, 1980. "Disequilibrium growth theory," Journal of Economic Theory, Elsevier, vol. 23(3), pages 380-409, December.
  16. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May.
  17. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-94, October.
  18. Howitt, Peter & McAfee, R Preston, 1992. "Animal Spirits," American Economic Review, American Economic Association, vol. 82(3), pages 493-507, June.
  19. Lucas, Robert E., 1977. "Understanding business cycles," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 7-29, January.
  20. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
  21. 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.
  22. Juan Gabriel Brida, 2000. "Symbolic Time Series Analysis in Economics," Documentos de Trabajo (working papers) 1000, Department of Economics - dECON.
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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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