We 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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Volume (Year): 2 (1998) Issue (Month): 03 (September) Pages: 345-368 Download reference. The following formats are available: HTML
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