New PDF release: A Disequilibnum Model of Real and Financial Accumulation in

By Prof. Giancarlo Gandolfo, Prof. Pietro Carlo Padoan (auth.)

ISBN-10: 3540138897

ISBN-13: 9783540138891

ISBN-10: 3642954596

ISBN-13: 9783642954597

This is the fourth model of a version that 5 years in the past we got down to construct and estimate alongside the traces of the continual time method clarified In bankruptcy 1. prior models seemed in magazine articles and convention complaints, the place the gap is notoriously constrained. accordingly we welcome the potential of publishing a book-length therapy of this fourth model, in order that we will be able to describe its theoretical and empirical facets in a few element. even supposing we've got labored heavily jointly and settle for joint accountability for the entire publication, chs. 1 and a couple of and appendix i've been written via G. Gandolfo, while chs. ] and four and appendix II were written by means of %. Padoan. varied components of this model of the version were mentioned In a variety of lectures on the ecu collage Institute (Florence) in 1984, In a seminar prepared via the financial institution of Italy (Sadiba, Perugia, Italy, February 16-18, 1984), within the moment Viennese Workshop on fiscal purposes of keep an eye on concept (Vienna, could 16-18, 1984), and within the 6th annual convention of the Society for financial Dynamics and keep watch over (Nice, France, June 13-15, 1984). In all of those we got invaluable reviews; equally beneficial have been the reviews of Clifford R .. Wymer, who, although, is absolved of any responsibility.

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Additional resources for A Disequilibnum Model of Real and Financial Accumulation in an Open Economy: Theory, Evidence, and Policy Simulations

Example text

This can be accomplished either by introducing dummy variables or by means of more sophisticated methods, such as the switching function suggested by Wymer (1979, 1983) as a general method of coping with models which contemplate two different states of the economy, each described by different behavioural functions. We can anticipate that the empirical analysis (chapter 3) did not reject our assumption. Therefore the model can also be used for simulations which involve the exchange rate; in particular, an equation for the endogenous determination of the exchange rate can be added in simulation.

This also lends support to the hypothesis that whenever domestic demand falls is the consequence of a credi t (insofar as this restraint ) Italian firms try to in- crease foreign markets penetration. :ean time lag is about one and a half months) to adjust real output to its expected value, while, as we said above, expectations are revised quite slowly. 145) although quite significant. The fact that prices show a mean time-lag of over a year and a half means that in situations of high and persistent inflation any inflationary impact (which raises P) produces a lasting effect, since it takes a long time to be absorbed fully by the economy.

The second effect accounts for the influence of the foreign interest rate (also in this case i f -- the US Treasury bill rate -- is considered as a "rep- resentative" rate). The idea is that, given the international "financial dependence" of the Italian economy, whenever the foreign interest rate rises (less so when it falls), the domestic rate sooner or later has to be varied accordingly, as a policy measure, unwanted capital outflows (as is specified in eq. eq. (10) has a hybrid nature, in order to avoid ( 12) 11 ).

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A Disequilibnum Model of Real and Financial Accumulation in an Open Economy: Theory, Evidence, and Policy Simulations by Prof. Giancarlo Gandolfo, Prof. Pietro Carlo Padoan (auth.)


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