Neo-Keynesian and Neo-Classical Macroeconomic Models: Stability and Lyapunov Exponents
AbstractThe non-linear approach to economic dynamics enables us to study traditional economic models using modified formulations and different methods of solution. In this article we compare dynamical properties of Keynesian and Classical macroeconomic models. We start with an extended dynamical IS-LM neoclassical model generating behaviour of the real product, interest rate, expected inflation and the price level over time. Limiting behaviour, stability, and existence oflimit cycles and other specific features of these models will be compared.
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Bibliographic InfoArticle provided by The Czech Econometric Society in its journal Bulletin of the Czech Econometric Society.
Volume (Year): 14 (2007)
Issue (Month): 24 ()
Macroeconomic models; Keynesian and Classical model; nonlinear differential equations; linearization; asymptotical stability; Lyapunovexponents;
Other versions of this item:
- Jan Kodera & Karel Sladký & Miloslav Vošvrda, 2006. "Neo-Keynesian and Neo-Classical Macroeconomic Models: Stability and Lyapunov Exponents," Working Papers IES 2006/10, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2006.
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
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