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Modelos económicos con múltiples regímenes

  • Juan Gabriel Brida

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 into 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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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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  1. Lucas, Robert E., 1977. "Understanding business cycles," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 7-29, January.
  2. Costas Azariadis & Allan Drazen, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, Oxford University Press, vol. 105(2), pages 501-526.
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  4. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
  5. Blad, Michael C., 1981. "Exchange of stability in a disequilibrium model," Journal of Mathematical Economics, Elsevier, vol. 8(2), pages 121-145, July.
  6. Juan Gabriel Brida, 2000. "Symbolic Time Series Analysis in Economics," Documentos de Trabajo (working papers) 1000, Department of Economics - dECON.
  7. Durlauf,S.N. & Quah,D.T., 1998. "The new empirics of economic growth," Working papers 3, Wisconsin Madison - Social Systems.
  8. repec:att:wimass:9419 is not listed on IDEAS
  9. 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.
  10. Howitt, Peter & McAfee, R Preston, 1992. "Animal Spirits," American Economic Review, American Economic Association, vol. 82(3), pages 493-507, June.
  11. Oded Galor & Joseph Zeira, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Oxford University Press, vol. 60(1), pages 35-52.
  12. Ito, Takatoshi, 1980. "Disequilibrium growth theory," Journal of Economic Theory, Elsevier, vol. 23(3), pages 380-409, December.
  13. Lionello F. Punzo, 1995. "Some Complex Dynamics for a Multisectoral Model of the Economy," Revue Économique, Programme National Persée, vol. 46(6), pages 1541-1559.
  14. 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.
  15. Blad, Michael C. & Christopher Zeeman, E., 1982. "Oscillations between repressed inflation and Keynesian equilibria due to inertia in decision making," Journal of Economic Theory, Elsevier, vol. 28(1), pages 165-182, October.
  16. Russell Cooper & Andrew John, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, Oxford University Press, vol. 103(3), pages 441-463.
  17. 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.
  18. Howitt, Peter, 1985. "Transaction Costs in the Theory of Unemployment," American Economic Review, American Economic Association, vol. 75(1), pages 88-100, March.
  19. Durlauf, S.M. & Johnson, P.A., 1995. "Multiple Regimes and Cross-Country Growth Behavior," Working papers 9419r, Wisconsin Madison - Social Systems.
  20. Goldfeld, Stephen M. & Quandt, Richard E., 1973. "A Markov model for switching regressions," Journal of Econometrics, Elsevier, vol. 1(1), pages 3-15, March.
  21. Neftici, Salih N., 1982. "Optimal prediction of cyclical downturns," Journal of Economic Dynamics and Control, Elsevier, vol. 4(1), pages 225-241, November.
  22. 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.
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