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dc.contributor.authorHawkins, Raymonden_US
dc.contributor.authorAoki, Masanaoen_US
dc.date.accessioned2009-08-12T07:14:50Z-
dc.date.available2009-08-12T07:14:50Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/27471-
dc.description.abstractWe show how time-dependent macroeconomic response follows from microeconomic dynamics using linear response theory and a time-correlation formalism. This theory provides a straightforward approach to time-dependent macroeconomic model construction that preserves the heterogeneity and complex dynamics of microeconomic agents. We illustrate this approach by examining the relationship between output and demand as mediated by changes in unemployment, or Okun's law. We also demonstrate that time dependence implies overshooting and how this formalism leads to a natural definition of economic friction.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kiel-
dc.relation.ispartofseriesEconomics Discussion Papers / Institut für Weltwirtschaft 2008-35en_US
dc.subject.jelJ21en_US
dc.subject.jelE24en_US
dc.subject.jelC31en_US
dc.subject.jelA12en_US
dc.subject.jelD50en_US
dc.subject.ddc330en_US
dc.subject.keywordMacroeconomic adjustment processen_US
dc.subject.keywordmicroeconomic dynamicsen_US
dc.subject.keywordaggregationen_US
dc.subject.keywordanelastic relaxationen_US
dc.subject.keywordOkun's lawen_US
dc.subject.keywordtime-correlation formalismen_US
dc.subject.stwMakroökonomiken_US
dc.subject.stwZeitökonomiken_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwMikroökonomische Fundierungen_US
dc.subject.stwWirtschaftliche Anpassungen_US
dc.subject.stwOkun's Lawen_US
dc.subject.stwTheorieen_US
dc.titleMacroeconomic Relaxation: Adjustment Processes of Hierarchical Economic Structuresen_US
dc.typeWorking Paperen_US
dc.identifier.ppn587686987en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifwedp:7452-
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers

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