Artikel

Macroeconomic Relaxation: Adjustment Processes of Hierarchical Economic Structures

zu Verbundenen Objekten

We 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.

Sprache
Englisch

Erschienen in
Journal: Economics: The Open-Access, Open-Assessment E-Journal ; ISSN: 1864-6042 ; Volume: 3 ; Year: 2009 ; Issue: 2009-17 ; Pages: 1-21 ; Kiel: Kiel Institute for the World Economy (IfW)

Klassifikation
Wirtschaft
Relation of Economics to Other Disciplines
Multiple or Simultaneous Equation Models: Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
General Equilibrium and Disequilibrium: General
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Labor Force and Employment, Size, and Structure
Thema
Macroeconomic adjustment process
microeconomic dynamics
aggregation
anelastic relaxation
Okun's law
time-correlation formalism
Makroökonomik
Zeitökonomik
Dynamisches Gleichgewicht
Mikroökonomische Fundierung
Wirtschaftliche Anpassung
Okun's Law
Theorie

Ereignis
Geistige Schöpfung
(wer)
Aoki, Masanao
Hawkins, Raymond
Ereignis
Veröffentlichung
(wer)
Kiel Institute for the World Economy (IfW)
(wo)
Kiel
(wann)
2009

DOI
doi:10.5018/economics-ejournal.ja.2009-17
Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

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Objekttyp

  • Artikel

Beteiligte

  • Aoki, Masanao
  • Hawkins, Raymond
  • Kiel Institute for the World Economy (IfW)

Entstanden

  • 2009

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