Neo-Keynesian and Neo-Classical Macroeconomic Models: Stability and Lyapunov Exponents
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.
Volume (Year): 14 (2007)
Issue (Month): 24 ()
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