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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.

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Bibliographic Info

Paper provided by ASSRU - Algorithmic Social Science Research Unit in its series ASSRU Discussion Papers with number 1011.

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Date of creation: 2010
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Handle: RePEc:trn:utwpas:1011

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Related research

Keywords: computable economics; flexible-accelerator; coupled dynamical systems; Goodwin; Phillips machine; MONIAC;

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Cited by:
  1. Stefano Zambelli, 2012. "Dynamical Coupling, Nonlinear Accelerator and the Persistence of Business Cycles," ASSRU Discussion Papers 1214, ASSRU - Algorithmic Social Science Research Unit.

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