Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/27474
Authors: 
Scalas, Enrico
Garibaldi, Ubaldo
Year of Publication: 
2008
Series/Report no.: 
Economics Discussion Papers / Institut für Weltwirtschaft 2008-38
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.
Subjects: 
Macroeconomics
Markov processes
Markov chains
stochastic models
statistical equilibrium in Economics
JEL: 
D50
J21
C50
A12
Creative Commons License: 
http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
Document Type: 
Working Paper

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