Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/27537 
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dc.contributor.authorAoki, Masanaoen
dc.contributor.authorHawkins, Raymonden
dc.date.accessioned2009-08-12T07:17:19Z-
dc.date.available2009-08-12T07:17:19Z-
dc.date.issued2009-
dc.identifier.citation|aEconomics: The Open-Access, Open-Assessment E-Journal|c1864-6042|v3|h2009-17|nKiel Institute for the World Economy (IfW)|lKiel|y2009|p1-21en
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2009-17en
dc.identifier.urihttp://hdl.handle.net/10419/27537-
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.subject.jelA12en
dc.subject.jelC31en
dc.subject.jelD50en
dc.subject.jelE24en
dc.subject.jelJ21en
dc.subject.ddc330en
dc.subject.keywordMacroeconomic adjustment processen
dc.subject.keywordmicroeconomic dynamicsen
dc.subject.keywordaggregationen
dc.subject.keywordanelastic relaxationen
dc.subject.keywordOkun's lawen
dc.subject.keywordtime-correlation formalismen
dc.subject.stwMakroökonomiken
dc.subject.stwZeitökonomiken
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwMikroökonomische Fundierungen
dc.subject.stwWirtschaftliche Anpassungen
dc.subject.stwOkun's Lawen
dc.subject.stwTheorieen
dc.titleMacroeconomic Relaxation: Adjustment Processes of Hierarchical Economic Structures-
dc.typeArticleen
dc.identifier.ppn599614692en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifweej:7603en
econstor.citation.journaltitleEconomics: The Open-Access, Open-Assessment E-Journalen
econstor.citation.issn1864-6042en
econstor.citation.volume3en
econstor.citation.issue2009-17en
econstor.citation.publisherKiel Institute for the World Economy (IfW)en
econstor.citation.publisherplaceKielen
econstor.citation.year2009en
econstor.citation.startpage1en
econstor.citation.endpage21en

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