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A Note on Aoki-Yoshikawa Model

Author

Listed:
  • 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.

Suggested Citation

  • Scalas, Enrico & Garibaldi, Ubaldo, 2008. "A Note on Aoki-Yoshikawa Model," Economics Discussion Papers 2008-38, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwedp:7455
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    More about this item

    Keywords

    Macroeconomics; Markov processes; Markov chains; stochastic models; statistical equilibrium in Economics;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines

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