Coupled Dynamics in the Phillips Machine Model of the Macroeconomy
AbstractIn 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 InfoPaper provided by ASSRU - Algorithmic Social Science Research Unit in its series ASSRU Discussion Papers with number 1011.
Date of creation: 2010
Date of revision:
computable economics; flexible-accelerator; coupled dynamical systems; Goodwin; Phillips machine; MONIAC;
Find related papers by JEL classification:
- A10 - General Economics and Teaching - - General Economics - - - General
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- 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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- 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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