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Stock-Flow Adjustment and the Speed of Convergence of the Economy towards its Long-run Equilibrium

In: The Role of Private Financial Wealth in a Portfolio Model

Author

Listed:
  • Angel Calderón-Madrid

    (El Colegio de Mexico)

Abstract

Two components, whose mutual consistency was emphasized by James Tobin (1982) in his Nobel Lecture, are now indisputably embedded in macroeconomic models. First, the specification of the process determining the equilibrium levels of the endogenous variables of the model at a point in time: among these variables is the flow level of GDP, when it is demand-determined. Second, the specification of the dynamic process determining how changes in levels of stocks lead the economy from a predisturbance situation to a new long-run equilibrium.

Suggested Citation

  • Angel Calderón-Madrid, 1995. "Stock-Flow Adjustment and the Speed of Convergence of the Economy towards its Long-run Equilibrium," Palgrave Macmillan Books, in: The Role of Private Financial Wealth in a Portfolio Model, chapter 3, pages 67-116, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37554-3_3
    DOI: 10.1057/9780230375543_3
    as

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