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A Note on Aoki-Yoshikawa Model

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  • Scalas, Enrico
  • Garibaldi, Ubaldo

Abstract

In this paper, we explore a dynamical version of by Aoki and Yoshikawa model (AYM) for an economy driven by demand. We show that when an appropriate Markovian dynamics is taken into account, AYM has di¤erent equilibrium distributions depending on the form of transition probabilities. In the version of the dynamic AYM presented here, transition probabilities depend on a parameter c tuning the choice of a new sector for workers leaving their sector. The solution of Aoki and Yoshikawa is recovered only in the case c = 0. All the other possible cases give di¤erent equilibrium probability distributions, including the Bose-Einstein distribution. --

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2008-38.

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Date of creation: 2008
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Handle: RePEc:zbw:ifwedp:7455

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Keywords: Macroeconomics; Markov processes; Markov chains; stochastic models; statistical equilibrium in Economics;

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