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Coupled Dynamics in the Phillips Machine Model of the Macroeconomy

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  • Stefano Zambelli

Abstract

In this paper it is claimed that the Phillips machine is a nonlinear mechanism. Phillips (1950) presented his machine as being described with a linear differential equation. In this paper it is claimed that the machine is better described with a system of nonlinear difference.-differential equations. This system itself is approximated by a set of nonlinear differential equations. This differential equations are of the Hicks-Goodwin flexible multiplier accelerator type. Consistently with this conjecture and following Phillips’ suggestion we have presented a ‘digital’ simulation of two coupled would-be Phillips machines.

Suggested Citation

  • Stefano Zambelli, 2010. "Coupled Dynamics in the Phillips Machine Model of the Macroeconomy," ASSRU Discussion Papers 1011, ASSRU - Algorithmic Social Science Research Unit.
    • Handle: RePEc:trn:utwpas:1011
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    References listed on IDEAS

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    1. Samuelson, P. A., 1974. "Remembrances of Frisch," European Economic Review, Elsevier, vol. 5(1), pages 7-23, June.
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    Cited by:

    1. Stefano Zambelli, 2015. "Dynamical coupling, the non-linear accelerator and the persistence of business cycles," Cambridge Journal of Economics, Oxford University Press, vol. 39(6), pages 1607-1628.
    2. Katherine Moos & K. Vela Velupillai, 2014. "Stabilisation Policy -- Phillips before the `Phillips Curve'," ASSRU Discussion Papers 1402, ASSRU - Algorithmic Social Science Research Unit.

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    More about this item

    Keywords

    computable economics; flexible-accelerator; coupled dynamical systems; Goodwin; Phillips machine; MONIAC;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles

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