Frames, contexts, and history-dependent macroeconomic dynamics

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Ulus A., Morhaim L.

MACROECONOMIC DYNAMICS, cilt.30, ss.1-25, 2026 (SSCI, Scopus)

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 30
  • Basım Tarihi: 2026
  • Doi Numarası: 10.1017/s136510052610131x
  • Dergi Adı: MACROECONOMIC DYNAMICS
  • Derginin Tarandığı İndeksler: Business Source Ultimate (EBSCO), Scopus, Social Sciences Citation Index (SSCI), ABI/INFORM, EconLit, zbMATH
  • Sayfa Sayıları: ss.1-25
  • Açık Arşiv Koleksiyonu: AVESİS Açık Erişim Koleksiyonu
  • Galatasaray Üniversitesi Adresli: Evet

Özet

In this paper, we provide a general framework for dynamic macroeconomic models that incorporate history

and context dependencies. Such features arise in several strands in the economic literature including

habit formation based on consumption or other economic variables, decision theory, health economics,

sports economics, environmental economics, and law and economics. Our approach introduces a memory

function to account for how history is formed. This allows us to encompass a wide range of standard

economic models while adapting to emerging modelings such as circular economy models. We establish

the corresponding optimization results and develop dynamic programming tools so that the standard

machinery can still be applied directly despite the specific difficulties induced by history-dependence.