Dynamics Of Natural Rates Of Growth And Employment
AbstractWe investigate the dynamics of an integrated Keynesian disequilibriummodel of monetary growth that allows for a variety of labor-marketand employment-adjustment processes. The structure of the model isnaturally nonlinear, i.e., no extrinsic nonlinear economicbehavioral relationships are imposed at first. The dynamics of themodel are nine-dimensional and are investigated analytically byconsidering appropriate subdynamics. The model generates limit cycles(via Hopf bifurcations) and more complex dynamic behavior (when anatural kink in the money-wage Phillips curve is taken intoaccount). It exhibits hysteresis effects with respect to long-rununemployment as well as growth and implies the occurrence of steady-state depressions in particular.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Macroeconomic Dynamics.
Volume (Year): 2 (1998)
Issue (Month): 03 (September)
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- Carl Chiarella & Peter Flaschel & Peiyuan Zhu, 2003. "The Structure of Keynesian Macrodynamics: A Framework for Future Research," Working Paper Series 129, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
- Chiarella, Carl & Flaschel, Peter, 2000. "High order disequilibrium growth dynamics: Theoretical aspects and numerical features," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 935-963, June.
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