A Note on Aoki-Yoshikawa Model

Enrico Scalas and Ubaldo Garibaldi

No 2008-38, Economics Discussion Papers from Kiel Institute for the World Economy

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.

Keywords: Macroeconomics; Markov processes; Markov chains; stochastic models; statistical equilibrium in Economics (search for similar items in EconPapers)
JEL-codes: A12 C50 D50 J21 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwedp:7455

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