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Neo-Keynesian and Neo-Classical Macroeconomic Models: Stability and Lyapunov Exponents

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Abstract

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 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 of limit cycles and other specific features of these models will be compared.

Suggested Citation

  • 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.
    • Handle: RePEc:fau:wpaper:wp2006_10
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    Keywords

    macroeconomic models; Keynesian and classical model; nonlinear differential equations; linearization; asymptotical stability; Lyapunov exponents S;
    All these keywords.

    JEL classification:

    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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