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STABILITY IMPLICATIONS OF INTER‐REGIONAL MOVEMENT IN MACRO DISEQUILIBRIUM MODELS
Author(s) -
Meinster David,
Mitchell Douglas
Publication year - 1980
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/j.1467-999x.1980.tb00608.x
Subject(s) - disequilibrium , macro , movement (music) , stability (learning theory) , economics , instability , econometrics , computer science , physics , mechanics , medicine , machine learning , acoustics , ophthalmology , programming language
A bstract This paper considers the global stability of disequilibrium macro models. Frequently past discussions of stability have ignored the possibility of movement between regimes, where regimes are defined by the combinations of quantity constraints which exist. The present paper shows the precise conditions for, and the implications of, such interregional movement. Conventionally derived assertions of either stability or instability may be mitigated by interregional movement.