Threshold behavior and aggregate fluctuations
This paper concerns a propagation mechanism in an economy where many individuals follow a threshold rule and interact with a positive feedback. We derive an asymptotic distribution of the propagation size when the number of the agents tends to infinity. The propagation distribution exhibits a slower...
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| Published in | Journal of economic theory Vol. 127; no. 1; p. 309 |
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| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
New York
Elsevier Science Publishing Company, Inc
01.03.2006
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| Subjects | |
| Online Access | Get full text |
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| Abstract | This paper concerns a propagation mechanism in an economy where many individuals follow a threshold rule and interact with a positive feedback. We derive an asymptotic distribution of the propagation size when the number of the agents tends to infinity. The propagation distribution exhibits a slower convergence to a deterministic value than it would if the agents followed a smooth adjustment policy. This gives rise to significant aggregate fluctuations in a finite lumpy-adjusting economy even when the agents are hit by small independent shocks. [PUBLICATION ABSTRACT] |
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| AbstractList | This paper concerns a propagation mechanism in an economy where many individuals follow a threshold rule and interact with a positive feedback. We derive an asymptotic distribution of the propagation size when the number of the agents tends to infinity. The propagation distribution exhibits a slower convergence to a deterministic value than it would if the agents followed a smooth adjustment policy. This gives rise to significant aggregate fluctuations in a finite lumpy-adjusting economy even when the agents are hit by small independent shocks. [PUBLICATION ABSTRACT] |
| Author | Nirei, Makoto |
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| Snippet | This paper concerns a propagation mechanism in an economy where many individuals follow a threshold rule and interact with a positive feedback. We derive an... |
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| Title | Threshold behavior and aggregate fluctuations |
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