The 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 the dynamic properties of the Keynesian and Classical macroeconomic models. We start with an extended dynamic IS-LM neoclassical model generating the behavior of the real product, the interest rate, expected inflation, and the price level over time. Limiting behavior, stability, and the existence of limit cycles and other specific features of these models will be compared.
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Article provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its journal AUCO Czech Economic Review.
Volume (Year): 1 (2007) Issue (Month): 3 (November) Pages: 302-311 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: C00 - Mathematical and Quantitative Methods - - General - - - General 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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