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A Disequilibrium Macrodynamic Model of Fluctuations


  • K. Vela Velupillai

    (Department of Economics, National University of Ireland, Galway)


A nonlinear disequilibrium macrodynamic model of ?uctuations in the labour and product markets, mediated by variations in factor shares, is developed and the exis- tence of a periodic orbit is proved using the Hopf bifurcation theore

Suggested Citation

  • K. Vela Velupillai, 2004. "A Disequilibrium Macrodynamic Model of Fluctuations," Working Papers 0081, National University of Ireland Galway, Department of Economics, revised 2004.
  • Handle: RePEc:nig:wpaper:0081

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    References listed on IDEAS

    1. Tobin, James, 1975. "Keynesian Models of Recession and Depression," American Economic Review, American Economic Association, vol. 65(2), pages 195-202, May.
    2. Chiarella,Carl & Flaschel,Peter, 2011. "The Dynamics of Keynesian Monetary Growth," Cambridge Books, Cambridge University Press, number 9780521180184, March.
    3. T. Asada & P. Chen, 2004. "Keynesian Dynamics and the wage price spiral. A baseline disequilibrium approach," Computing in Economics and Finance 2004 262, Society for Computational Economics.
    4. Phelps, Edmund S., 1980. "Studies in Macroeconomic Theory," Elsevier Monographs, Elsevier, edition 1, number 9780125540025 edited by Shell, Karl.
    5. Emile Grunberg & Franco Modigliani, 1954. "The Predictability of Social Events," Journal of Political Economy, University of Chicago Press, vol. 62, pages 465-465.
    6. Solow, Robert M., 1979. "Another possible source of wage stickiness," Journal of Macroeconomics, Elsevier, vol. 1(1), pages 79-82.
    7. Franke, Reiner & Asada, Toichiro, 1994. "A Keynes-Goodwin model of the business cycle," Journal of Economic Behavior & Organization, Elsevier, vol. 24(3), pages 273-295, August.
    8. Uzawa, H, 1969. "Time Preference and the Penrose Effect in a Two-Class Model of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 628-652, Part II, .
    9. Toichiro Asada & Carl Chiarella & Peter Flaschel, 2003. "Keynes-Metzler-Goodwin Model Building: The Closed Economy," Working Paper Series 124, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    10. Robert M. Solow, 1979. "Alternative Approaches to Macroeconomic Theory: A Partial View," Canadian Journal of Economics, Canadian Economics Association, vol. 12(3), pages 339-354, August.
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    Cited by:

    1. Hiroaki Sasaki, 2013. "Cyclical growth in a Goodwin–Kalecki–Marx model," Journal of Economics, Springer, vol. 108(2), pages 145-171, March.
    2. Piero Ferri, 2006. "Fluttuazioni endogene, deflazione da debiti e instabilità finanziaria," Moneta e Credito, Economia civile, vol. 59(234), pages 129-149.
    3. Datta, Soumya, 2013. "Robustness and Stability of Limit Cycles in a Class of Planar Dynamical Systems," MPRA Paper 50814, University Library of Munich, Germany.
    4. Robert Jump, 2014. "Animal spirits and unemployment: a disequilibrium analysis," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 9(2), pages 255-274, October.

    More about this item


    Disequilibrium Macrodynamics; Macroeconomic Fluctuations; Non- linear Macrodynamics; Hopf Bifurcation;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles


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