A Note on Aoki-Yoshikawa Model
نویسندگان
چکیده
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. Paper submitted to the special issue “Reconstructing Macroeconomics” (http://www.economics-ejournal.org/special-areas/special-issues) JEL: A12, C50, D50, J21
منابع مشابه
Long Stagnation of the Macroeconomy
The standard analysis in macroeconomics depends on the assumption of the representative agent. However, when the degree of uncertainty becomes significant, we cannot ignore a simple fact that the macroeconomy consists of a large number of heterogeneous agents. In this paper, we demonstrate the importance of the combinatory aspect. Specifically, the effectiveness of policy necessarily weakens as...
متن کاملUncertainty, Policy Ineffectiveness and Long Stagnation of the Macroeconomy
When reform has no direct aggregate effects, but only changes agents’ incentives to act, uncertainty can weaken its effect. Because agents learn about policy change by observing their signals, increasing signal noise makes it harder for agents to know that reform has occurred. When policy changes are difficult to observe, they change agents’ actions less and have less aggregate effect. This is ...
متن کاملModeling Maximum Entropy and Mean-Field Interaction in Macroeconomics
The representation of the economic system, from a complexity perspective, focuses on interactions among heterogeneous agents in conditions of uncertainty. Heterogeneity entails asymmetric reactions to shocks and, through interaction mechanisms and feedback loops at micro, macro and meso level, these diverse reactions influence behaviours of other agents. Such a system cannot be modelled with ma...
متن کاملDesigning and Accrediting an Experiential Curriculum in Medical Groups Based on Phenomenological Approach
Introduction: This study tries to design and validate the experiential curriculum model putting emphasis on phenomenological scientists' viewpoints. Method: This study was conducted in two phases. In the first phase, the model was designed based on a theoretical study emphasizing the perspectives of Van Manen and Ted Aoki. In the second phase, a phenomenological study was conducted. Students o...
متن کاملThe genus Galumna in Nepalese oribatid mite fauna, with notes on systematic placement of some species (Acari, Oribatida, Galumnidae)
The oribatid mite genus Galumna (Oribatida, Galumnidae) is recorded for the first time in Nepal. A new species, Galumna tetraporosa sp. n., is described from soil of secondary mixed broadleaved forest. It is most similar morphologically to G. tokyoensis Aoki, 1966 and G. valida Aoki, 1994, however, it differs from both by the absence of interlamellar setae and the presence of two pairs of notog...
متن کامل