Disequilibrium Dynamics with Random Perturbations

Volker Böhm
Additional contact information
Volker Böhm: Bielefeld University

Chapter Chapter 8 in Macroeconomic Theory, 2017, pp 331-374 from Springer

Abstract: Abstract An analysis of the role of random perturbations for the dynamics of business cycles in macroeconomic models still represents one of the most challenging tasks in economic theory. The approach taken in Chapter 4 for equilibrium dynamics introduced some new and useful concepts which allowed a dynamic analysis of stochastic phenomena, i.e. the possibility to provide an investigation of stability and convergence properties of random time series as well as to exhibit their time-invariant statistical properties induced by the stationary orbits. They allow a complete analysis of random data under their transient as well as their stationary or time-invariant behavior within the same mathematical framework. The central issue here will be to apply these methods to the disequilibrium setting in order to characterize and show the main features of the cyclical nature of real and monetary phenomena resulting from the interplay of the time-one map under disequilibrium and random perturbations.

Date: 2017
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-319-60149-6_8

Ordering information: This item can be ordered from
http://www.springer.com/9783319601496

DOI: 10.1007/978-3-319-60149-6_8

Access Statistics for this chapter

More chapters in Springer Texts in Business and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().