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Dynamics Of Natural Rates Of Growth And Employment

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  • Chiarella, Carl
  • Flaschel, Peter

Abstract

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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Bibliographic Info

Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 2 (1998)
Issue (Month): 03 (September)
Pages: 345-368

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Handle: RePEc:cup:macdyn:v:2:y:1998:i:03:p:345-368_00

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Cited by:
  1. Sasaki, Hiroaki, 2012. "Is the long-run equilibrium wage-led or profit-led? A Kaleckian approach," Structural Change and Economic Dynamics, Elsevier, vol. 23(3), pages 231-244.
  2. 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.
  3. Toichiro Asada & Carl Chiarella & Peter Flaschel & Tarik Mouakil & Christian Proaño & Willi Semmler, 2011. "Stock‐Flow Interactions, Disequilibrium Macroeconomics And The Role Of Economic Policy," Journal of Economic Surveys, Wiley Blackwell, vol. 25(3), pages 569-599, 07.
  4. 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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