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Journal Article

Aggregation of Variables in Dynamic Systems

Herbert A. Simon and Albert Ando
Econometrica
Vol. 29, No. 2 (Apr., 1961), pp. 111-138
Published by: The Econometric Society
DOI: 10.2307/1909285
Stable URL: http://www.jstor.org/stable/1909285
Page Count: 28
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Aggregation of Variables in Dynamic Systems
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Abstract

Previous studies have examined dynamic systems that are decomposable into independent subsystems. This article treats of systems that are nearly decomposable--systems with matrices whose elements, except within certain submatrices along the main diagonal, approach zero in the limit. Such a system can be represented as a superposition of (1) a set of independent subsystems (one for each submatrix on the diagonal) and (2) an aggregate system having one variable for each subsystem. This superposition separates short-run from long-run dynamics and justifies the ignoring of "weak" linkages in partial equilibrium studies.

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