A new look at the Diamond search model: Stochastic cycles and equilibrium selection in search equilibrium

Macroeconomic Dynamics

Volumn 4, Issue 4, 2000, Pages 487-5050

  Aoki, Masanao ^a   Shirai, Yoshimasa ^b  

^a UNIVERSITY OF CALIFORNIA   (United States)

^b Univ of California at Los Angeles ^*

Author keywords

Asymmetric cycles; Equilibrium selection; Fokker Planck equations; Jump Marakov processes; Search equilibrium

Indexed keywords

EID: 0034554005     PISSN: 13651005     EISSN: None     Source Type: Journal    
DOI: 10.1017/s1365100500017041     Document Type: Article

References (11)

1. Aoki, M. (1996) New Approaches to Macroeconomic Modeling: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects. New York: Cambridge University Press.
2. Aoki, M. (1998) Simple model of asymmetrical business cycles: Interactive dynamics of a large number of agents with discrete choices. Macroeconomic Dynamics 2, 427-442.
3. Dembo, A. & O. Zeitouni (1993) Large Deviations: Techniques and Applications. Boston: Jones and Bartlett.
4. Diamond, P.D. (1982) Aggregate demand management in search equilibrium. Journal of Political Economy 90, 881-894.
5. Diamond, P.D. & D. Fudenberg (1989) Rational expectations business cycles in search equilibrium. Journal of Political Economy 97, 606-620.
6. Jovanovic, B. (1987) Micro shocks and aggregate risk. Quarterly Journal of Economics 102, 395-409.
7. Kandori, M. (1997) Evolutionary game theory in economics. In D. Kreps & K. Wallis (eds.), Advances in Economics and Econometric Theory and Applications. New York: Cambridge University Press.
8. Kelly, F. (1979) Reversibility and Stochastic Networks. New York: Wiley.
9. Kirman, A. (1993) Ants, rationality and recruitment. Quarterly Journal of Economics 108, 137-156.
10. Orszak, J.M. (1997) Review of "New Approaches to Macroeconomic Modeling, by Masanao Aoki." Economica 64, 367-368.
11. van Kampen, N.G. (1992) Stochastic Processes in Physics and Chemistry, Rev. ed. Amsterdam: North-Holland.