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PLAY HYSTERESIS IN SUPPLY OR IN DEMAND AS PART OF A MARKET MODEL

机译:作为市场模型的一部分,在供应或需求中发挥滞后作用

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摘要

Consequences of economic hysteresis are illustrated based on a standard market model which is extended by hysteresis dynamics. Hysteresis is implemented in a simple linearized way, similar to mechanical play'. As a novelty, both cases, hysteresis in supply and demand, are analysed separately as an explicit part of a supply and demand model. Explicitly modelling supply versus demand side hysteresis has two advantages. (1) Since (hysteretic) supply or demand is only a subsystem of the entire market, persistent endogenous feedback effects on price and quantity are addressed. (2) Differences in the remanent effects of transient shocks between demand and supply hysteresis become obvious.
机译:基于标准市场模型说明了经济滞后的后果,该模型由滞后动态扩展。磁滞以简单的线性方式实现,类似于机械游隙。作为一种新颖性,将两种情况(供需滞后)分别作为供需模型的明确部分进行分析。显式地建模供应侧与需求侧磁滞具有两个优点。 (1)由于(滞后)供应或需求只是整个市场的子系统,因此可以解决对价格和数量的持续内生反馈影响。 (2)需求和供应滞后之间的瞬变冲击的剩余效应的差异变得明显。

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  • 来源
    《Metroeconomica》 |2015年第2期|339-374|共36页
  • 作者

    Goecke Matthias; Werner Laura;

  • 作者单位

    Univ Giessen, Dept Business Adm & Econ, D-35394 Giessen, Germany;

    Univ Giessen, D-35394 Giessen, Germany;

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  • 正文语种 eng
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