The Review of Economics and Statistics Vol. 48 No. 1 1966
On the Microeconomic Theory of Distributed Lags
Abstract
regardless of the initial conditions. [8 p. 261] This means that the difference between the equilibrium value and the actual value of x is bounded for a large enough t, and that this difference tends to zero as t becomes large. So, it has been attractive to assume a monotonic convergence and to approximate the process of adjustment (or convergence) by an adjustment equation such as that used implicitly by Koyck [3] and explicitly by Nerlove [6, 7]
- DOI
- 10.2307/1924857
- Volume
- 48
- Issue
- 1
- Pages
- 51
- Sources
- openalex crossref