On Brody’S Conjecture: Facts And Figures From The Us Economy
Brody’s conjecture is submitted to an empirical test using input-output flow data of varying size for the US economy for the benchmark years 1997 and 2002, as well as for the period 1998-2010. The results suggest that the ratio of the modulus of the subdominant eigenvalue to the dominant one increases both with the size of the matrix and, for the same matrix size, over the years lending support to the view of increasing instability (in the sense of Brody) for the US economy over the period 1997-2010.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Albert E. Steenge & Mark J. P. M. Thissen, 2005. "A New Matrix Theorem: Interpretation in Terms of Internal Trade Structure and Implications for Dynamic Systems," Journal of Economics, Springer, vol. 84(1), pages 71-94, 02.
- Gyorgy Molnar & Andras Simonovits, 1998. "The Subdominant Eigenvalue of a Large Stochastic Matrix," Economic Systems Research, Taylor & Francis Journals, vol. 10(1), pages 79-82.
- Theodore Mariolis & Lefteris Tsoulfidis, 2009. "Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects: Theory and Evidence from the Chinese Economy ," Contributions to Political Economy, Oxford University Press, vol. 28(1), pages 1-22.
- Stanisław Białas & Henryk Gurgul, 1998. "On Hypothesis about the Second Eigenvalue of the Leontief Matrix," Economic Systems Research, Taylor & Francis Journals, vol. 10(3), pages 285-290.
- Christian Bidard & Tom Schatteman, 2001. "The Spectrum of Random Matrices," Economic Systems Research, Taylor & Francis Journals, vol. 13(3), pages 289-298.
- Guang-Zhen Sun, 2008. "The First Two Eigenvalues of Large Random Matrices and Brody's Hypothesis on the Stability of Large Input-Output Systems," Economic Systems Research, Taylor & Francis Journals, vol. 20(4), pages 429-432.
- repec:oup:copoec:v:28:y::i:1:p:1-22 is not listed on IDEAS
- Bienenfeld, Mel, 1988. "Regularity in Price Changes as an Effect of Changes in Distribution," Cambridge Journal of Economics, Oxford University Press, vol. 12(2), pages 247-55, June.
- Iliadi, Fotoula & Mariolis, Theodore & Soklis, George & Tsoulfidis, Lefteris, 2012. "Bienenfeld’s approximation of production prices and eigenvalue distribution: some more evidence from five European economies," MPRA Paper 36282, University Library of Munich, Germany.
When requesting a correction, please mention this item's handle: RePEc:mcd:mcddps:2012_06. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Theodore Panagiotidis)
If references are entirely missing, you can add them using this form.