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From Standard Macroeconomics To Non-Linear Macroeconomics

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Author Info

  • Lucian Liviu Albu

    (Institute for Economic Forecasting)

Abstract

Last period a number of studies try to many demonstrate how the non-linear models can be useful to investigate the behavioural of dynamic economic systems. Using some adequate non-linear models could be a good way to find more refined solutions to actually unsolved problems or ambiguities in economics. Beginning with a short presentation of the simplest non-linear models, then we are demonstrating how the dynamics of complex systems, as the economic system is, could be explained on the base of some more advanced non-linear models and using specific techniques of simulation. We are considering the non-linear models only as an alternative to the stochastic linear models in economics. The conventional explanations of the behaviour of economic system contradict many times the empirical evidence. We are trying to demonstrate that small modifications in the standard linear form of some economic models make more complex and consequently more realistic the behaviour of system simulated on the base of the new non-linear models. Finally, few applications of non-linear models to the study of inflation-unemployment relationship, potentially useful for further empirical studies, are presented.

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File URL: http://eccsf.ulbsibiu.ro/RePEc/blg/journl/511albu.pdf
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Bibliographic Info

Article provided by Lucian Blaga University of Sibiu, Faculty of Economic Sciences in its journal Studies in Business and Economics.

Volume (Year): 5 (2010)
Issue (Month): 1 (april)
Pages: 5-33

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Handle: RePEc:blg:journl:v:5:y:2010:i:1:p:5-33

Contact details of provider:
Postal: Lucian Blaga University of Sibiu, Faculty of Economic Sciences Dumbravii Avenue, No 17, postal code 550324, Sibiu, Romania
Phone: 004 0269 210375
Fax: 004 0269 210375
Email:
Web page: http://economice.ulbsibiu.ro/
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Related research

Keywords: non-linear model; continuous time map; strange attractor; fractal dimension; natural unemployment;

References

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  1. Fischer, Edwin O & Jammernegg, Werner, 1986. "Empirical Investigation of a Catastrophe Theory Extension of the Phillips Curve," The Review of Economics and Statistics, MIT Press, vol. 68(1), pages 9-17, February.
  2. Daniel Daianu & Lucian-Liviu Albu, . "Strain and the Inflation - Unemployment Relationship: A Conceptual and Empirical Investigation," Ace Project Memoranda 96/15, Department of Economics, University of Leicester.
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Cited by:
  1. Iancu, Aurel, 2011. "Models of Financial System Fragility," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 230-256, March.
  2. Iancu, Aurel, 2011. "Financial System Fragility Models," Working Papers of National Institute of Economic Research 110211, National Institute of Economic Research.

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