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

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  • Jan Kodera
  • Karel Sladký
  • Miloslav Vošvrda

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

Suggested Citation

  • Jan Kodera & Karel Sladký & Miloslav Vošvrda, 2007. "Neo-Keynesian and Neo-Classical Macroeconomic Models: Stability and Lyapunov Exponents," Bulletin of the Czech Econometric Society, The Czech Econometric Society, vol. 14(24).
  • Handle: RePEc:czx:journl:v:14:y:2007:i:24:id:151
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    File URL: http://ces.utia.cas.cz/bulletin/index.php/bulletin/article/view/151
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    1. repec:prg:jnlefa:v:2017:y:2017:i:1:id:175:p:19-34 is not listed on IDEAS

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    Keywords

    Macroeconomic models; Keynesian and Classical model; nonlinear differential equations; linearization; asymptotical stability; Lyapunovexponents;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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