Re: [OPE-L] The phenomenology of prices

From: GERALD LEVY (gerald_a_levy@MSN.COM)
Date: Mon Dec 31 2007 - 11:27:56 EST

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> I'm no expert on the subject. But I can't see any specific inherent> limitations of I/O modeling. One could describe a state transition from> time t to t+1, i.e. the update of the vectors and matrices, it may be> very hard but I think it is possible in principle.
 
 
Hi Dave:
 
The language you refer to above is that of period analysis,
which while compatible with I/O modeling, is not dynamic 
analysis.   Paul C has spoken to this question before.  The
underlying issue here is whether it is possible to convert a 
system of essentially comparative statics to a dynamic system.
 
In solidarity, Jerry

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