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Institut für Weltwirtschaft (IfW), Kiel >
Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/27537
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Aoki, Masanao | | en_US |
| dc.contributor.author | | Hawkins, Raymond | | en_US |
| dc.date.accessioned | | 2009-08-12T07:17:19Z | | - |
| dc.date.available | | 2009-08-12T07:17:19Z | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.citation | | Economics: The Open-Access, Open-Assessment E-Journal 3 2009-17 1-21 doi:10.5018/economics-ejournal.ja.2009-17 | | - |
| dc.identifier.pi | | doi:10.5018/economics-ejournal.ja.2009-17 | | - |
| dc.identifier.uri | | http://hdl.handle.net/10419/27537 | | - |
| dc.description.abstract | | We 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.iso | | eng | | en_US |
| dc.publisher | | Kiel Institute for the World Economy (IfW) Kiel | | en_US |
| dc.relation.ispartofseries | | economics - The Open-Access, Open-Assessment E-Journal 2009-17 | | en_US |
| dc.subject.jel | | A12 | | - |
| dc.subject.jel | | C31 | | - |
| dc.subject.jel | | D50 | | - |
| dc.subject.jel | | E24 | | - |
| dc.subject.jel | | J21 | | - |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Macroeconomic adjustment process | | en_US |
| dc.subject.keyword | | microeconomic dynamics | | en_US |
| dc.subject.keyword | | aggregation | | en_US |
| dc.subject.keyword | | anelastic relaxation | | en_US |
| dc.subject.keyword | | Okun's law | | en_US |
| dc.subject.keyword | | time-correlation formalism | | en_US |
| dc.subject.stw | | Makroökonomik | | en_US |
| dc.subject.stw | | Zeitökonomik | | en_US |
| dc.subject.stw | | Dynamisches Gleichgewicht | | en_US |
| dc.subject.stw | | Mikroökonomische Fundierung | | en_US |
| dc.subject.stw | | Wirtschaftliche Anpassung | | en_US |
| dc.subject.stw | | Okun's Law | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Macroeconomic Relaxation: Adjustment Processes of Hierarchical Economic Structures | | en_US |
| dc.type | | Article | | en_US |
| dc.identifier.ppn | | 599614692 | | en_US |
| dc.identifier.url | | http://www.economics-ejournal.org/economics/journalarticles/2009-17 | | - |
| dc.rights.license | | http://creativecommons.org/licenses/by-nc/2.0/de/deed.en | | - |
| dc.identifier.repec | | RePEc:zbw:ifweej:7603 | | - |
| Appears in Collections: | | Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles
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