| Autor: |
Cars Hommes, Kai Li, Florian Wagener |
| Přispěvatelé: |
Quantitative Economics (ASE, FEB), Faculteit Economie en Bedrijfskunde, Equilibrium, Expectations & Dynamics / CeNDEF (ASE, FEB) |
| Jazyk: |
angličtina |
| Rok vydání: |
2022 |
| Předmět: |
|
| Zdroj: |
Journal of Economic Behavior and Organization, 194, 341-362. Elsevier |
| ISSN: |
0167-2681 |
| DOI: |
10.1016/j.jebo.2021.12.033 |
| Popis: |
This paper develops a unified analysis of the impacts of production delays on aggregate price fluctuations in a continuous-time cobweb-type model. We find that the time inconsistency between demand and supply due to production delays inherently generates an overshooting effect in prices. Large production delays give rise to price fluctuations, even with a low intensity of choice. We also provide results consistent with the rational route to randomness of Brock and Hommes (1997) in a continuous-time infinite-dimensional economy. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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Full Text from ScienceDirect