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Money and inflation in a nonlinear model

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Abstract

A nonlinear model of inflation and growth, with a fixed rate of money growth, is developed and its global dynamics analysed. These are compared with the local, linearised dynamics of the model. It is shown that the global dynamics of the model plausibly predict hyperinflationary bubbles, which are not present in the linearised version. Numerical simulations of the model are presented.

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File URL: http://www.econ.ed.ac.uk/papers/Hyper2.pdf
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Bibliographic Info

Paper provided by Edinburgh School of Economics, University of Edinburgh in its series ESE Discussion Papers with number 160.

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Length: 17
Date of creation: 27 Jul 2007
Date of revision:
Handle: RePEc:edn:esedps:160

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Keywords: Money; inflation; nonlinearity.;

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  1. George, Donald A. R. & Oxley, Leslie T., 1985. "Structural stability and model design," Economic Modelling, Elsevier, vol. 2(4), pages 307-316, October.
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Cited by:
  1. Herbert, Ric D. & Stemp, Peter J., 2011. "Solving macroeconomic models with “off-the-shelf” software: An example of potential pitfalls," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 81(7), pages 1375-1384.

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