scholarly journals Autonomous demand, multiple equilibria and unemployment dynamics

2020 ◽  
Author(s):  
Piero Ferri ◽  
Fabio Tramontana
Keyword(s):  
Growth Model ◽  
Dynamic Process ◽  
Multiple Equilibria ◽  
Initial Conditions ◽  
Aggregate Demand ◽  
History Plays ◽  
Demand And Supply ◽  
Stability Properties ◽  
Model Driven ◽  
Heterogeneous Consumers

Abstract The paper presents a medium-run growth model driven by autonomous demand, where aggregate demand and supply interact and unemployment is present and plays different roles. In particular, it generates a feedback from supply to aggregate demand rooted in the presence of heterogeneous consumers and an uncertain environment. Two are the main consequences of this approach. The first is that multiple equilibria can be generated. The second is that equilibria may have different stability properties. In this perspective, growth becomes a dynamic process where initial conditions matter and history plays an important role.

TADAM: A dynamic whole-stand approximation for the TASS growth model

2005 ◽  
Vol 81 (4) ◽  
pp. 575-581 ◽  
Author(s):  
Oscar Garcia
Keyword(s):  
Growth Model ◽  
Picea Glauca ◽  
Pinus Contorta ◽  
Initial Conditions ◽  
Growth And Yield ◽  
Planting Density ◽  
Individual Tree ◽  
Model Driven ◽  
Planning Models ◽  
Dependent Growth

Growth and yield predictions for managed even-aged stands in British Columbia are based on TASS, an individual-tree distance-dependent growth model driven by an unusually detailed description of crown development. Because of its complexity, most applications utilize previously generated stand-level yield tables rather than running TASS directly. I have developed a differential equation approximation to the stand-level dynamics predicted by TASS that mimics the aggregate behaviour with sufficient accuracy for many practical purposes. Versions of this model, called TADAM, exist for planted coastal Douglas-fir, lodgepole pine, and white spruce. TADAM can efficiently project stand development starting from any initial conditions, and subject to any combination of thinnings. Its relative simplicity makes it suitable for embedding into landscape-level planning models and other decision support systems. It has been implemented as a C function library, as an interactive simulator running on a PDA, and as an Excel spreadsheet add-in. An example of thinning and planting density optimization is briefly described. Key words: growth and yield, stand dynamics, thinning, optimization, Pinus contorta, Picea glauca

Effect of Surface Fluxes versus Radiative Heating on Tropical Deep Convection

2015 ◽  
Vol 72 (9) ◽  
pp. 3378-3388 ◽  
Author(s):  
Usama Anber ◽  
Shuguang Wang ◽  
Adam Sobel
Keyword(s):  
Large Scale ◽  
Multiple Equilibria ◽  
Initial Conditions ◽  
Deep Convection ◽  
Surface Fluxes ◽  
Radiative Heating ◽  
Net Energy ◽  
Wide Range ◽  
Tropical Deep Convection ◽  
Gross Moist Stability

Abstract The effects of turbulent surface fluxes and radiative heating on tropical deep convection are compared in a series of idealized cloud-system-resolving simulations with parameterized large-scale dynamics. Two methods of parameterizing the large-scale dynamics are used: the weak temperature gradient (WTG) approximation and the damped gravity wave (DGW) method. Both surface fluxes and radiative heating are specified, with radiative heating taken as constant in the vertical in the troposphere. All simulations are run to statistical equilibrium. In the precipitating equilibria, which result from sufficiently moist initial conditions, an increment in surface fluxes produces more precipitation than an equal increment of column-integrated radiative heating. This is straightforwardly understood in terms of the column-integrated moist static energy budget with constant normalized gross moist stability. Under both large-scale parameterizations, the gross moist stability does in fact remain close to constant over a wide range of forcings, and the small variations that occur are similar for equal increments of surface flux and radiative heating. With completely dry initial conditions, the WTG simulations exhibit hysteresis, maintaining a dry state with no precipitation for a wide range of net energy inputs to the atmospheric column. The same boundary conditions and forcings admit a rainy state also (for moist initial conditions), and thus multiple equilibria exist under WTG. When the net forcing (surface fluxes minus radiative heating) is increased enough that simulations that begin dry eventually develop precipitation, the dry state persists longer after initialization when the surface fluxes are increased than when radiative heating is increased. The DGW method, however, shows no multiple equilibria in any of the simulations.

scholarly journals Heterogeneous Consumers, Segmented Asset Markets and the Real Effects of Monetary Policy

2020 ◽  
Vol 130 (628) ◽  
pp. 1031-1056
Author(s):  
Zeno Enders
Keyword(s):  
Monetary Policy ◽  
Aggregate Demand ◽  
Negative Relationship ◽  
Demand Elasticity ◽  
Asset Markets ◽  
Monetary Shocks ◽  
Financial Variables ◽  
Real Effects ◽  
Countercyclical Markups ◽  
Heterogeneous Consumers

Abstract This article proposes a novel mechanism by which changes in the distribution of money holdings have real aggregate effects. I develop a flexible-price model of segmented asset markets in which monetary policy influences the aggregate demand elasticity via heterogenous money holdings. Because varieties of consumption bundles are purchased sequentially, newly injected money disseminates slowly throughout the economy via second-round effects. The model predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and pro-cyclical wages after monetary shocks. Among other correlations of financial variables, it also reproduces the empirical, negative relationship between changes in the money supply and markups.

The International Economy: Bind or Boon?

2018 ◽  
Vol 246 ◽  
pp. R50-R63 ◽  
Author(s):  
Jagjit S. Chadha
Keyword(s):  
Aggregate Demand ◽  
Aggregate Fluctuations ◽  
Domestic Activity ◽  
Macroeconomic Dynamics ◽  
Demand And Supply ◽  
Factor Markets ◽  
The Uk ◽  
External Sector ◽  
The Impact ◽  
Modern Era

The Institute has long examined overseas developments in order to understand better domestic macroeconomic dynamics. The organising principle for much of the postwar period was simply the impact on net trade with an implicit view on whether the exchange rate was at an appropriate level and, as such, the external sector was viewed as a constraint on domestic activity. Increasingly integrated factor markets in the modern era of globalisation means that the overseas sector plays a fundamental role in the evolution of both aggregate demand and supply in the UK economy and it is increasingly hard to disentangle the overseas from the domestic sectors. It is not so much that we should reverse this integration but more how to design policy to limit any undesirable consequences on regional and income distribution, as well as aggregate fluctuations in activity.

scholarly journals Some Fallacies in Agricultural Economics: A Macroeconomic Interpretation

1982 ◽  
Vol 14 (1) ◽  
pp. 117-123 ◽  
Author(s):  
Mike Belongia ◽  
Douglas Fisher
Keyword(s):  
Agricultural Sector ◽  
Presidential Address ◽  
Aggregate Demand ◽  
Economic Behavior ◽  
Agricultural Economics ◽  
Macroeconomic Theory ◽  
Demand And Supply ◽  
The One ◽  
Monetary And Fiscal Policy

The relevance of macroeconomic theory to the analysis of economic behavior in the agricultural sector is a recurring theme in applied research in this area. On the one hand, it is possible to find the view that the agricultural sector should be treated in isolation as an independent market or set of markets not subject to the influences of changes in monetary and fiscal policy or (other) changes in aggregate demand and supply. On the other hand, it is also possible to find literal acceptance of the usefulness of macroeconomics—perhaps in the form of a particular version of the theory—with the controversial part surfacing in the particular view of macroeconomics and how it bears on (and is influenced by) agricultural markets. The fact that this dichotomy exists is highlighted by the contrasting views expressed recently by Breimyer (1981) and Tweeten. At the same time that Breimyer advocated that “macro-economics should be struck from the lexicon,” Tweeten chose to devote his AAEA Presidential address to a discussion of the implications of current developments in macroeconomic theory and policy for the agricultural sector; his particular emphasis is on the important role of “supply-side” macroeconomics.

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