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Persistent disequilibrium dynamics and economic policy

  • Luca Colombo


    (DISCE, Università Cattolica)

  • Gerd Weinrich


    (DISCE, Università Cattolica)

We develop a theoretical model involving temporary equilibria with quantity rationing in each period and price adjustment between periods. The resulting dynamic system may present a variety of dynamic behaviors, ranging from the convergence to stationary or quasi-stationary states, to complex or even chaotic dynamics. In particular, our framework has the property of being able to endogenously allow for the characterization of persistent disequilibrium phenomena — such us unemployment or deflation. It provides therefore for an ideal setup to investigate the effects and persistency of recessionary phases, and to study the effectiveness of different economic policies aimed at resolving them.

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File Function: First version, 2009
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Paper provided by Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE) in its series DISCE - Quaderni dell'Istituto di Economia e Finanza with number ief0086.

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Length: nn pages 25
Date of creation: Mar 2009
Date of revision:
Handle: RePEc:ctc:serie3:ief0086
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