Neokeynesian and Neoclassical Macroeconomic Models: Stability and Lyapunov Experiments
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 the dynamic properties of the Keynesian and Classical macroeconomic models. We start with an extended dynamic IS-LM neoclassical model generating the behavior of the real product, the interest rate, expected inflation, and the price level over time. Limiting behavior, stability, and the existence of limit cycles and other specific features of these models will be compared.
Volume (Year): 1 (2007)
Issue (Month): 3 (November)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Sargent, Thomas J, 1973.
"Interest Rates and Prices in the Long Run: A Study of the Gibson Paradox,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 5(1), pages 385-449, Part II F.
- Thomas J. Sargent, 1971. "Interest rates and prices in the long run: a study of the Gibson paradox," Working Papers 75, Federal Reserve Bank of Minneapolis.
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