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Non-linear models: applications in economics

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  • Albu, Lucian-Liviu

Abstract

The study concentrated on demonstrating how non-linear modelling can be useful to investigate the behavioural of dynamic economic systems. Using some adequate non-linear models could be a good way to find more refined solutions to actually unsolved problems or ambiguities in economics. Beginning with a short presentation of the simplest non-linear models, then we are demonstrating how the dynamics of complex systems, as the economic system is, could be explained on the base of some more advanced non-linear models and using specific techniques of simulation. We are considering the non-linear models only as an alternative to the stochastic linear models in economics. The conventional explanations of the behaviour of economic system contradict many times the empirical evidence. We are trying to demonstrate that small modifications in the standard linear form of some economic models make more complex and consequently more realistic the behaviour of system simulated on the base of the new non-linear models. Finally, few applications of non-linear models to the study of inflation-unemployment relationship, potentially useful for further empirical studies, are presented.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3100.

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Date of creation: 2006
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Handle: RePEc:pra:mprapa:3100

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Related research

Keywords: non-linear model; continuous time map; strange attractor; fractal dimension; natural unemployment;

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References

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  1. Blatt, John M, 1978. "On the Econometric Approach to Business-Cycle Analysis," Oxford Economic Papers, Oxford University Press, vol. 30(2), pages 292-300, July.
  2. Brock, W.A., 1992. "Pathways to Randomness in the Economy : Emergent Nonlinearity and Chaos in Economic Finance," Working papers 9302, Wisconsin Madison - Social Systems.
  3. Fischer Black, 1982. "General Equilibrium and Business Cycles," NBER Working Papers 0950, National Bureau of Economic Research, Inc.
  4. B. Mandelbrot, 1972. "Statistical Methodology For Nonperiodic Cycles: From The Covariance To Rs Analysis," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 1, number 3, pages 259-290 National Bureau of Economic Research, Inc.
  5. Victor Zarnowitz, 1985. "Recent Work on Business Cycles in Historical Perspective: Review of Theories and Evidence," NBER Working Papers 1503, National Bureau of Economic Research, Inc.
  6. Brock, W. A., 1986. "Distinguishing random and deterministic systems: Abridged version," Journal of Economic Theory, Elsevier, vol. 40(1), pages 168-195, October.
  7. Zarnowitz, Victor, 1985. "Recent Work on Business Cycles in Historical Perspective: A Review of Theories and Evidence," Journal of Economic Literature, American Economic Association, vol. 23(2), pages 523-80, June.
  8. Daniel Daianu & Lucian-Liviu Albu, . "Strain and the Inflation - Unemployment Relationship: A Conceptual and Empirical Investigation," Ace Project Memoranda 96/15, Department of Economics, University of Leicester.
  9. Santomero, Anthony M & Seater, John J, 1978. "The Inflation-Unemployment Trade-off: A Critique of the Literature," Journal of Economic Literature, American Economic Association, vol. 16(2), pages 499-544, June.
  10. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867-1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, May.
  11. Reichlin Pietro, 1997. "Endogenous Cycles in Competitive Models: An Overview," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 1(4), pages 1-13, January.
  12. Granger, Clive W. J. & Terasvirta, Timo, 1993. "Modelling Non-Linear Economic Relationships," OUP Catalogue, Oxford University Press, number 9780198773207.
  13. Fischer, Edwin O & Jammernegg, Werner, 1986. "Empirical Investigation of a Catastrophe Theory Extension of the Phillips Curve," The Review of Economics and Statistics, MIT Press, vol. 68(1), pages 9-17, February.
  14. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1, May.
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Cited by:
  1. Iancu, Aurel, 2011. "Financial System Fragility Models," Working Papers of National Institute of Economic Research 110211, National Institute of Economic Research.
  2. Iancu, Aurel, 2011. "Models of Financial System Fragility," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 230-256, March.

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