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The delay effect in a sochastic multiplier–accelerator model

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dc.contributor.author Dassios, Ioannis K.
dc.contributor.author Zimbidis, Alexandros
dc.contributor.author Kontzalis, Charalambos
dc.date.accessioned 2015-10-23T13:22:08Z
dc.date.available 2015-10-23T13:22:08Z
dc.date.issued 2014
dc.identifier.uri http://hdl.handle.net/10344/4688
dc.description peer-reviewed en_US
dc.description.abstract This paper extends the classical Samuelson multiplier–accelerator model for national economy. Actually, this new modeling structure removes the basic shortcoming of the original model producing stable business cycles when realistic values of the parameters (multiplier, accelerator) are entered into the system of equations. Under this new approach, we introduce some kind of randomness and memory into the system. We assume that consumption, private investment and governmental expenditure depend upon the national income values of the last n (n > 1) years and further assume that multiplier and accelerator factors are stochastic variables. Then stochastic delayed difference equations of higher order are employed to describe the model, while the respective solutions of higher order polynomials for the expectation of national income variables correspond to the typical observed business cycles of real economy. Stability and controllability conditions are investigated while numerical examples provide further insight and better understanding as regards the control actions, system design, and produced business cycles. en_US
dc.language.iso eng en_US
dc.publisher Springer en_US
dc.relation.ispartofseries Journal of Economic Structures;3 (7), pp. 1-24
dc.relation.uri http://dx.doi.org/10.1186/s40008-014-0007-y
dc.subject Samuelson model en_US
dc.subject stochastic en_US
dc.subject difference equations en_US
dc.subject stability en_US
dc.subject control en_US
dc.subject state feedback en_US
dc.title The delay effect in a sochastic multiplier–accelerator model en_US
dc.type info:eu-repo/semantics/article en_US
dc.type.supercollection all_ul_research en_US
dc.type.supercollection ul_published_reviewed en_US
dc.contributor.sponsor SFI en_US
dc.relation.projectid SFI/09/SRC/E1780 en_US
dc.rights.accessrights info:eu-repo/semantics/openAccess en_US
dc.internal.rssid 1629555


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