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Out of Equilibrium$
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Mario Amendola and Jean-Luc Gaffard

Print publication date: 1998

Print ISBN-13: 9780198293804

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198293801.001.0001

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Processes of Change

Processes of Change

(p.170) 7 Processes of Change
Out of Equilibrium

Mario Amendola (Contributor Webpage)

Jean‐Luc Gaffard

Oxford University Press

In this chapter specific processes of economic change are analysed by means of simulations of the model that formalizes the out‐of‐equilibrium analytical framework proposed. In particular, processes of change resulting from changes in technology, changes in skills, changes in expectations, and monetary shocks are considered. The analysis carried out shows that the viability of the change undertaken depends on the capacity to re‐establish the intertemporal complementarity of the production process and the intertemporal coherence of the decision process disturbed by the shock originating the process of change. This depends, in turn, on interventions assuring the availability of the required productive resources at the right moment, and the proper working of market mechanisms as represented by price and wage determination regimes.

Keywords:   Coordination mechanisms, Price and wage regimes, Real and monetary shocks, viability

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