The Speed Of Adjustment and Robust Stability of Macroeconomic Systems
AbstractIn this contribution we illustrate some applications oť the theory oť linear systems with interval uncertainties to the stability and speed oť adjustment analysis oť some macroeconomic models. In particular, we ťocus our attention on the Keynes and neoclassical systems, as well as on the Walras-Keynes-Phillips model and show how the interval uncertainties arising in the respective adjustment equations can infiuence the adjustment mechanism and stability margins oť the macroeconomic equilibrium.
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Bibliographic InfoArticle provided by The Czech Econometric Society in its journal Bulletin of the Czech Econometric Society.
Volume (Year): 3 (1996)
Issue (Month): 5 ()
Macroeconomic models; Keynesian system; neoclassical system; Walras-KeynesPhillips model; adjustment mechanism; nonlinear differential equations; linearization; interval uncertainty; linear differential equations; asymptotical stability; stability margins;
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